$2.$ Listed below are several accounting principles and assumptions.

Required:

Match the letter of each principle or assumption or qualitative characteristic with the appropriate statement.

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a$.$

Business entity

b$.$

Going concern

c$.$

Time period

d$.$

Monetary unit

e$.$

Historical cost

f$.$

Conservatism

g$.$

Realization

h$.$

Consistency

i$.$

Full disclosure

j$.$

Verifiability

k$.$

Materiality

l$.$

Industry practices

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$1.$ Some industry practices lead to accounting reports that do not conform to the general theory that underlies accounting.

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$2.$ Requires the accountant to adhere as closely as possible to verifiable data.

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$3.$ Requires the entity to give the same treatment to comparable transactions.

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$4.$ Directs that the measurement that has the least favorable effect on net income and financial position in the current period be selected.

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$5.$ The decision is made to accept some inaccuracy because of incomplete information about the future in exchange for more timely reporting.

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$6.$ Involves the relative size and importance of an item to a firm.

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$7.$ A reasonable summarization of financial information is required.

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$8.$ Deals with the problem of when to recognize revenue.

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$9.$ The primary value that is used for financial statements.

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$10.$ Standard of measure for financial statements.

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$11.$ The assumption that the entity being accounted for will remain in business for an indefinite period of time.

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$12.$ Assumption that a business's financial statements are separate and distinct from the personal transactions of the owners.

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