The foundational principles and assumptions of accounting are as follows: Recognition/Derecognition 1. Economic entity 2. Control Measurement Presentation and Disclosure 5. Periodicity 10. Full disclosure 6. Monetary unit 3. Revenue recognition and realization 7. Going concern 4. Matching 8. Historical cost 9. Fair value and value in use For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the proper period. b. Indicates that market value changes after the purchase are not recorded in the accounts unless impairment recognition principle.) ENG For each situation that follows, identify by its number the foundational principle above that is described. a Allocates expenses to revenues in the proper period. b. Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists. (Do not use the revenue recognition principle.) C Ensures that all relevant financial information is reported. d. e. f. Is why plant assets are not reported at their liquidation value. (Do not use the historical cost principle.) Related to the economic entity principle, defines the entities that should be consolidated in the financial statements. Indicates that personal and business record-keeping should be separately maintained. g Separates financial information into time periods for reporting purposes. h. Permits the use of market valuation in certain specific situations. ING e. f Related to the economic entity principle, defines the entities that should be consolidated in the financial statements. Indicates that personal and business record-keeping should be separately maintained. g Separates financial information into time periods for reporting purposes. h. Permits the use of market valuation in certain specific situations. i. Requires passing of risks and rewards, measurability, and collectibility before recording the transaction. j Assumes that the dollar is the measuring unit for reporting financial performance. eTextbook and Media. Save for Later Attempts: 0 of 3 used Submit