Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. v Recorded when the performance obligation is satisfied. a. Revenue recognition principle v The reason for recording accruals and deferrals in adjusting entries. b. Matching principle v Valuing assets at amounts originally paid for them. C. Historical cost principle V Entity assumed to have a long life d. Going concern assumption v Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. f. Relevance characteristic 8. Consistency characteristic

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. v Recorded when the performance obligation is satisfied. a. Revenue recognition principle v The reason for recording accruals and deferrals in adjusting entries. b. Matching principle v Valuing assets at amounts originally paid for them. C. Historical cost principle V Entity assumed to have a long life d. Going concern assumption v Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. f. Relevance characteristic 8. Consistency characteristic

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 12MC: Which of the following principles matches expenses with associated revenues in the period in which...

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