broad accounting principles and ce Listed below are several

broad accounting principles, and ce Listed below are several terms and item from List A with the item from List B that is most appropriately associated with it. phrases associated with basic ass 7. Monetary 3 of 4

Solution

Solution:

Serial no.	List-A	List-B
1.	Expense Recognition	Record expenses in the period the related revenue is recognized.
2.	Periodicity	The life of an enterprise can be divided into artificial time periods.
3.	Historical cost principle	The original transaction value upon acquisition.
4.	Materiality	Concerns the relative size of an item and its effect on decisions.
5.	Revenue recognition	Criteria usually satisfied at point of sale.
6.	Going concern assumption	The entity will continue indefinitely.
7.	Monetary unit assumption	A common denominator is the dollar.
8.	Economic entity assumption	The enterprise is separate from its owners and other entities.
9.	Full disclosure principle	All information that could affect decisions should be reported.