Exercise $1-7$ Identifying accounting principles and assumptions LO C$4$

Match each of the numbered descriptions with the principle or assumption it best reflects.

$\backslash$table$[[1.,$A company reports details behind financial statements that would impact users' decisions.$],[2.,$Financial statements reflect the assumption that the business continues operating.$],[3.,$A company records the expenses incurred to generate the revenues reported.$],[4.,$Concepts, assumptions, and guidelines for preparing financial statements.$],[5.,$Each business is accounted for separately from its owner or owners.$],[6.,$Revenue is recorded when products and services are delivered.$],[7.,$Detailed rules used in reporting events and transactions.$],[8.,$Information is based on actual costs incurred in transactions.$]]$