Question: 6 . ( 3 points ) For each statement below, indicate the appropriate basic accounting assumption or basic accounting principle ( by letter, a -

6.(3 points) For each statement below, indicate the appropriate basic accounting assumption or basic
accounting principle (by letter, a-h) that relates to the statement. You will not repeat an answer.
a. Economic entity assumption e. Measurement principle
b. Going concern assumption f. Revenue recognition principle
c. Monetary unit assumption g. Expense recognition principle
d. Periodicity assumption h. Full disclosure principle
____ Intangible assets are amortized over periods benefitted
____ Organizations are kept as units distinct from owners
____ All important aspects of debt are presented in financial statements or notes
____ Rationale why fixed assets are not reported at liquidation value (do not use measurement principle)
____ Reporting must be done at defined time intervals
____ The dollar is the measuring stick used to report financial performance

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