Here are some concepts related to the conceptual framework discussed in this chapter: 

1. Going concern assumption 

2. Reporting entity concept

3. Completeness 

4. Historical cost  

5. Cost constraint 

6. Materiality Instructions 

Identify by number the concept that describes each situation below. Do not use a number more than once. 

a. ______ Barb Denton runs her accounting practice out of her home. She separates her business records from her household accounts. 

b. ______ The cost to provide financial information should not be more than the benefits. 

c. ______ Significant accounting policies are reported in the notes to the financial statements. 

d. ______ Assets are not stated at their liquidation value. 

e. ______ Dollar amounts on financial statements are often rounded to the nearest thousand. 

f. ______ Land is recorded at its cost of $100,000 rather than at its market value of $150,000.