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Listed below are some information characteristics and accounting principles and assumptions. Each of these items is assigned a number. Match the number of each with the appropriate phrase that states its application.

05 / 03 / 2018 Assignment

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Listed below are some information characteristics and accounting principles and assumptions. Each of these items is assigned a number. Match the number of each with the appropriate phrase that states its application. Note: Each answer may be used multiple times.

(Points : 30)

Potential Matches:

1 : Historical cost principle

2 : Industry practices or fair value principle

3 : Revenue recognition principle

4 : Revenue and expense recognition principles

5 : Periodicity assumption

6 : Materiality

7 : Expense recognition principle

8 : Full disclosure principle

9 : Economic entity assumption

10 : Conservatism

Answer

: Fair value changes are not recognized in the accounting records

: Repair tools are expensed when purchased

: Financial information is presented so that investors will not be misled

: Rationale for accrual accounting

: Intangible assets are capitalized and amortized over periods benefited

: Agricultural companies use fair value for purposes of valuing crops

: Lower of cost or market is used to value inventories

: Revenue is recorded at point of sale

: The use of consolidated statements is justified

: Reporting must be done at defined time intervals



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