Question: Select from the option list provided the most accurate term for each accounting concept. Each choice may be used once, more than once, or not

Select from the option list provided the most accurate term for each accounting concept. Each choice may be used once, more than once, or not at all.

Options list:

Historical Cost

Fair Value

Going-Concern Assumption

Conservatism

Reliability

Materiality

Matching

1. This concept is based on the cause-and-effect relationship between revenue generated and costs incurred.

2. Only information that can influence users of the financial statements must be reported.

3. This concept supports amortizing an asset over its useful life.

4. An entity is assumed to be able to fulfill its obligations and accomplish its objectives.

5. The amount of cash or equivalent paid to acquire an asset.

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