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A Periodicity assumption E Full disclosure principle J Representational faithfulness B Monetary unit assumption F Revenue recognition principle K Comparability (incl. Consistency) C Going concern

A

Periodicity assumption

E

Full disclosure principle

J

Representational faithfulness

B

Monetary unit assumption

F

Revenue recognition principle

K

Comparability (incl. Consistency)

C

Going concern assumption

G

Historical cost principle

L

Relevance

D

Economic entity assumption

H

Matching principle

M

Materiality

I

Timeliness

N

Conservatism

Provide the letter corresponding to the SINGLE, PRIMARY assumption, principle, or qualitative characteristic that corresponds with each of the following statements. Hint: Use one of these concepts (letters) twice and leave one of these unused.

For expediency, a companys records all purchases of office equipment costing less than $300 in the office expense account, rather than the office equipment account in its general ledger.

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