Exercise $1-14($Static$)$ Basic assumptions and principles $[$LO$1-7,1-8,1-9]$

Identify the accounting concept that relates to each statement or phrase below.

$\backslash$table$[[$Statement$,$Accounting Concepts$],[1.$ Inflation causes a violation of this assumption.,$],[2.$ Information that could affect decision making should be reported.,$],[3.$ Recognizing expenses in the period they were incurred to produce revenue.,$],[4.$ The basis for measurement of many assets and liabilities.,$],[5.$ Relates to the qualitative characteristic of timeliness.,$],[6.$ All economic events can be identified with a particular entity.,$],[7.$ The benefits of providing accounting information should exceed the cost of doing so$.,],[8.$ A consequence is that GAAP need not be followed in all situations. $,,],[9.$ Not a qualitative characteristic, but a practical justification for some accounting choices.,$],[10.$ Assumes the entity will continue indefinitely.,$]]$