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Remaining Time: 53 minutes, 09 seconds Question Completion Status Question 4 4.5 points Save Awe 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 differences between two sets of economic phenomena A Relevance Information that is capable of making a difference in the decision B. Faithful representation of users in their capacity as capital providers. c Cost principle The basic assumption/principle that makes depreciation and Understandability amortization policies justifiable and appropriate. E Economic entity assumption A company provides supplementary information to explain the effects of financing arrangements. Monetary unit assumption The principle/assumption that implies that officers' salaries are G. Full disclosure principle most often charged to the current period and not carried into future periods H. Periodicity assumption Characteristic that assures users that information represents the 1. Verifiability economic phenomena that it intends to represent Comparability Characteristic that allows users to comprehend the meaning of the k Timeliness information The principle/assumption that implies that economic activity can L. Going concern assumption be identified with a particular unit of accountability. M. Expense recognition principle The principle/assumption that is applied when a company reports land on its statement of financial position at the amount paid to N. Revenue recognition principle acquire it, even though the estimated fair value is greater

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