) Listed below are some information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.
(Points : 30)
|1 : Economic activity can be identified with a particular unit of accountability|
|2 : Affairs of the business distinguished from those of its owners|
|3 : Application of the same accounting principles as in the preceding year|
|4 : Business enterprise assumed to have a long life|
|5 : Presentation of error-free information with representational faithfulness|
|6 : Notes as part of necessary information to a fair presentation|
|7 : Money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis|
|8 : Earnings process completed and realized or realizable|
|9 : Valuing assets at amounts originally paid for them|
10 : Implies that a company can divide its economic activities into artificial time periods
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Listed below are some information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.
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