Question

Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A with the item from List B that is most appropriately associated with it.
List A =

1. Expense recognition

2. Periodictiy

3. Historical cost principle

4. Materiality

5. Revenue recognition

6. Going concern assumption

7. Monetary unit assumption

8. Economic entity assumption

9. Full-disclosure principle

List B =

1. A common denominator is the dollar

2. All information that could affect decisions should be reported

3. Concerns the relative size of an item and its effect on decisions

4. Criteria usually satisfied for products at point of sale

5. Record expenses in the preiod the related revenue is recognized

6. The enterprise is separate from its owners and other entities.

7. The entity will continue indefinitely

8. The life of an enterprise can be divided into artificial time periods.

9. Thje original transaction value upon acquistion.

Answer 1

Answer:

Find it below

Explanation:

1. Expense Recognition - Record expenses in the preiod the related revenue is recognized

2. Periodicity - The life of an enterprise can be divided into artificial time periods.

3. Historical cost principle - The original transaction value or cost upon acquistion.

4. Materiality - Concerns the relative size of an item and its effect on decisions

5. Revenue recognition - Criteria usually satisfied for products at point of sale.

6. Going concern assumption - The entity will continue indefinitely

7. Monetary unit assumption - A common denominator is the dollar

8. Economic entity assumption - The enterprise is separate from its owners and other entities.

9. Full-disclosure principle - All information that could affect decisions should be reported

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