Identifying accounting principles and assumptions

Enter the letter A through G for the principle or assumption in the blank space next to each numbered description that it best reflects.

A$.$ Measurement $($cost$)$ principle

B$.$ Specific accounting principle

C$.$ Going$-$concern assumption

D$.$ Accrual basis assumption

E$.$ Accounting period principle

F$.$ Relevant$/$Faithful representation

G$.$ Comparability

$($a$)$ Financial statements reflect the assumption that the business continues operating.

$($b$)$ Detailed rules used in reporting events and transactions.

$($c$)$ The information is based on actual costs incurred in transactions.

$($d$)$ A trading company records employee salary at the end of its financial year even though the salary will be paid during the next financial year.

$($e$)$ The reporting of accounting information should be free from personal bias.

$($f$)$ Services provided by a business entity are recorded before the receipt of cash.

$($g$)$ An expense is recorded in the year in which an asset or benefit is consumed in the process of carrying on the entity$$s business.

$($h$)$ Assets are not recorded at liquidation prices.

$($i$)$ Consistent accounting policies and methods are used in the preparation of financial statements from one year to another.

$($j$)$ The assumption which requires transactions to be recognized in the accounting reports when they occur and not when the cash is received or paid