70.2K

Verified Solution

Link Copied!

Presented below are several qualitative characteristics, accounting principles, assumptions, and constraints. Match the letter of each with the appropriate statement. Don't use a letter more than once. Characteristic that is applied when a company issues its A. Verifiability annual financial report within one month of the end of the year. B. Expense recognition principle Characteristic that means the numbers and descriptions in C. Periodicity assumption financial reports match what really existed or happened. D. Cost principle The basic assumption/principle that is followed when accountants produce financial statements for specific E. Timeliness periods of time. F. Economic entity assumption The principle/assumption implying that efforts should be G. Understandability matched with achievements. H. Monetary unit assumption The principle/assumption that doesn't require adjusting amounts in the financial statements for inflation. 1. Faithful representation Economic entity assumption G. Understandability H. Monetary unit assumption Faithful representation periods of time. The principle/assumption implying that efforts should be matched with achievements. The principle/assumption that doesn't require adjusting amounts in the financial statements for inflation. Presentation of material information with predictive and confirmatory value. Characteristic that is demonstrated when the same accounting principles are applied as in the previous year. The principle/assumption that requires all important aspects of bond agreements to be presented in the financial statements. J. Revenue recognition principle K. Full disclosure principle L. Relevance M. Going concern assumption N. Comparability Characteristic that will lead different measurers, using the same methods, to obtain similar results

Answer & Explanation Solved by verified expert

See Answer