Match the accounting principle on the left with the appropriate statement on the right. ____ Entity...

Question:

Match the accounting principle on the left with the appropriate statement on the right.

____ Entity assumption                 a. All relevant information must be presented in the financial statements.

____ Materiality                             b. X Corp. uses FIFO every year to value its inventory.

____ Full disclosure                      c. Carefully make estimates to avoid overstating assets or net income.

____Consistency                          d. Sales are recorded when the product is provided, not when we get paid.

____ Historical cost                      e. The business plans to continue indefinitely.

____ Conservatism                       f. John’s personal assets do not appear on his business’ balance sheet.

____ Going concern                     g. A $2 error in an account with a balance of$80,000 does not matter.

____ Revenue recognition           h. Assets are not adjusted to their current value.

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