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Status Question 8 Presented below are several qualitative characteristics, accounting principles, assumptions, and constraints. Match the letter of each with the appropriate statement. Don't 5 points use a letter more than once. v Characteristic that is applied when a company issues its annual financial report A. Understandability within one month of the end of the year. Characteristic that means the numbers and descriptions in financial reports B Full disclosure principle match what really existed or happened. Periodicity assumption The basic assumption/principle that is followed when accountants produce D. Economic entity assumption financial statements for specific periods of time Comparability The principle/assumption implying that efforts should be matched with achievements Cost principle The principle/assumption that doesn't require adjusting amounts in the a Veritability financial statements for inflation H. Faithful representation Presentation of material information with predictive and confirmatory value Revenue recognition principle Characteristic that is demonstrated when the same accounting principles are Relevance applied as in the previous year Expense recortion principle The principle/assumption that requires all important aspects of bond agreements to be presented in the financial statements Monetary unit assumption Characteristic that will lead different measurers, using the same methods, 10 Going concern assumption obtain similar results Timeline

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