A list of concepts, principles and recognition criteria are provided below. 

Required

For each of the situations provided below, identify, by number, the applicable accounting concept, principle, recognition criterion or constraint. Do not use each number more than once.

(a) Plant assets were not reported at liquidation value in the entity’s accounts.

(b) Personal and business record keeping was kept separate for the entity.

(c) All relevant financial information was reported in the general purpose financial reports for the entity.

(d) The dollar was used as the ‘measuring stick’ to report financial performance and position.

(e) Accounting standards were followed for all items that were reasonably expected to affect decisions made by users of financial statements.

(f) Information on financial performance was provided for the year ending June 2017.

(g) Expenses were recorded when the flow of economic benefits from the entity was probable and could be reliably measured.

(h) Market value changes subsequent to purchase were not recorded in the financial statements.

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1 Accounting entity concept 2 Monetary principle 3 Accounting period concept 4 Cost principle 5 Materiality 6 Full disclosure principle 7 Going concern principle 8 Revenue recognition criteria Expense recognition criteria 9