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Homework answers / question archive / Match the foundational accounting concepts and qualitative characteristics with the appropriate phrase describing its application
Match the foundational accounting concepts and qualitative characteristics with the appropriate phrase describing its application. Note that each item may be used more than once or not at all.
| 1. | Using the Canadian dollar in the financial statements. |
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| 2. | An increase in an asset or a decrease in a liability due to ordinary profit-generating activities. |
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| 3. | Accounting information reflects the economic substance of the event or transaction. |
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| 4. | Quarterly financial reports are prepared. |
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| 5. | Cost of goods sold is recognized each time a sale of goods is recognized. |
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| 6. | The Canadian dollar is used to measure economic activity. |
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| 7. | Including explanatory notes as part of the financial statements. |
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| 8. | The affairs of the business are distinguished from those of its owners. |
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| 9. | A business enterprise is assumed to have a long life. |
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| 10. | Valuing assets at amounts originally paid for them. |
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| 11. | Application of the same accounting principles as in the preceding year. |
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| 12. | Presentation of timely information with predictive and feedback value. |
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