P 1 2 Certain underlying considerations have had an important impact on the development of generally accepted accounting principles Following is a list of these underlying considerations, as well as a list of statements describing them a Going concern or continuity i Industry practices b Monetary unit j Verifiability c Conservatism k Consistency d Matching l Realization e Full disclosure m Historical cost f Materiality n Time period Transaction approach Accrual basis o Business entity The business for which the financial statements are prepared is separate and distinct from the owners The assumption is made that the entity will remain in business for an indefinite period of time Accountants need some standard of measure to bring financial transactions together in a meaningful way Revenue should be recognized when the earning process is virtually complete and the exchange value can be objectively determined This concept deals with when to recognize the costs that are associated with the recognized revenue Accounting reports must disclose all facts that may influence the judgment of an informed reader This concept involves the relative size and importance of an item to a firm The accountant is required to adhere as closely as possible to verifiable data Some companies use accounting reports that do not conform to the general theory that underlies accounting

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Question: P 1-2 Certain underlying considerations have had an important impact on the development of generally accepted accounting principles. Following is a list of these underlying

P 1-2 Certain underlying considerations have had an important impact on the development of generally accepted accounting principles. Following is a list of these underlying considerations, as well as a list of statements describing them.

a. Going concern or continuity	i. Industry practices
b. Monetary unit	j. Verifiability
c. Conservatism	k. Consistency
d. Matching	l. Realization
e. Full disclosure	m. Historical cost
f. Materiality	n. Time period
Transaction approach Accrual basis	o. Business entity

the development of generally accepted accounting principles. Following is a list of

these underlying considerations, as well as a list of statements describing them.a.

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