Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below are basic assumptions and principles underlying financial reporting. a = Historical cost principle b = Going concern assumption c = Time period (periodicity) assumption d = Full disclosure principle e = Economic Entity assumption 24. The business will continue in operation for the foreseeable future. 25. Assets are recorded at cost and changes in market value are not recorded. 26. Financial information is reported on a regular basis (monthly, quarterly) 27. Important supplemental information accompanies financial statement 28. Every economic entity can be separately identified and accounted for. Identify where the following accounts would be reported on a classified balance sheet us following key: a = current assets b = property, plant & equipment c = intangible assets d = current liabilities e = long-term liabilities 29. Accounts receivable 30. Mortgage payable 31. Accounts payable 32. Goodwill 33. Buildings