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Question Question 9 45 points 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 permits users to identify similarities in and A Expense recognition principle differences between two sets of economic phenomena. Revenue recognition principle Information that is capable of making a difference in the decision of users in their capacity as capital providers Periodicity assumption The basic assumption/principle that makes depreciation and D. Faithful representation amortization policies justifiable and appropriate. E Relevance A company provides supplementary information to explain the effects of financing arrangements. F. Verifiability The principle/assumption that implies that officers' salaries are most G. Monetary unit assumption often charged to the current period and not carried into future H. Going concern assumption periods. 1. Cost principle Characteristic that assures users that information represents the economic phenomena that it intends to represent Full disclosure principle Characteristic that allows users to comprehend the meaning of the K Timeliness information Understandi 1815 Question Completion Status: amortization policies justifiable and appropriate. E. Relevance A company provides supplementary information to explain the effects of financing arrangements. F. Verifiability The principle/assumption that implies that officers' salaries are most G. Monetary unit assumption often charged to the current period and not carried into future periods. H. Going concern assumption Characteristic that assures users that information represents the 1. Cost principle economic phenomena that it intends to represent. 1. Full disclosure principle Characteristic that allows users to comprehend the meaning of the K. Timeliness information. L Understandability The principle/assumption that implies that economic activity can be identified with a particular unit of accountability. M. Comparability The principle/assumption that is applied when a company reports N. Economic entity assumption land on its statement of financial position at the amount paid to acquire it, even though the estimated fair value is greater. A click Submit to complete this assessment

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