Here are some of the accounting concepts relating to the conceptual framework discussed in this chapter:

1. Going concern assumption

2. Economic entity concept

3. Full disclosure

4. Cost

5. Cost constraint

6. Materiality

Identify by number the accounting assumption, qualitative characteristic, concept, or constraint that describes each situation below. Do not use a number more than once.

(a) _______is why land is not reported at its liquidation value. (Do not use item 4, cost.)

(b) _______indicates that personal and business record-keeping should be kept separate.

(c) _______ensures that all relevant financial information is reported.

(d) _______requires that GAAP be followed for all significant items.

(e) _______indicates the value at which an asset is recorded when acquired.