) Listed below are some information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.
(Points : 30)
| Potential Matches: | |||||||||||
| 1 : Economic activity can be identified with a particular unit of accountability | |||||||||||
| 2 : Affairs of the business distinguished from those of its owners | |||||||||||
| 3 : Application of the same accounting principles as in the preceding year | |||||||||||
| 4 : Business enterprise assumed to have a long life | |||||||||||
| 5 : Presentation of error-free information with representational faithfulness | |||||||||||
| 6 : Notes as part of necessary information to a fair presentation | |||||||||||
| 7 : Money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis | |||||||||||
| 8 : Earnings process completed and realized or realizable | |||||||||||
| 9 : Valuing assets at amounts originally paid for them | |||||||||||
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10 : Implies that a company can divide its economic activities into artificial time periods
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