Match the foundational accounting concepts and qualitative characteristics with the appropriate phrase describing its

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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. 2. An increase in an asset or a decrease in a liability due to ordinary profit-generating activities. 3. Accounting information reflects the economic substance of the event or transaction. 4. Quarterly financial reports are prepared. 5. Cost of goods sold is recognized each time a sale of goods is recognized. 6. The Canadian dollar is used to measure economic activity. 7. Including explanatory notes as part of the financial statements. 8. The affairs of the business are distinguished from those of its owners. 9. A business enterprise is assumed to have a long life. 10. Valuing assets at amounts originally paid for them. 11. Application of the same accounting principles as in the preceding year. 12. Presentation of timely information with

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ans. 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. PeriodicityFaithful RepresentationRelevanceHistorical CostGoing Concern AssumptionRevenue RecognitionMatchingReporting EntityFull DisclosureMonetary UnitMaterialityComparability 2. An increase in an asset or a decrease in a liability due to ordinary profit-generating activities. ComparabilityRevenue RecognitionRelevanceHistorical CostFull DisclosureMatchingMaterialityFaithful RepresentationReporting EntityGoing Concern AssumptionMonetary UnitPeriodicity 3. Accounting information reflects the economic substance of the event or transaction. Historical CostMaterialityPeriodicityGoing Concern AssumptionMonetary UnitComparabilityRevenue RecognitionFull DisclosureMatchingFaithful RepresentationRelevanceReporting Entity 4. Quarterly financial reports are prepared. MaterialityMatchingFull DisclosureMonetary UnitReporting EntityComparabilityRelevanceFaithful RepresentationGoing Concern AssumptionPeriodicityHistorical CostRevenue Recognition 5. Cost of goods sold is recognized each time a sale of goods is recognized. ComparabilityRevenue RecognitionGoing Concern AssumptionMonetary UnitReporting EntityMatchingRelevanceMaterialityFull DisclosureFaithful RepresentationPeriodicityHistorical Cost 6. The Canadian dollar is used to measure

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Match the foundational accounting concepts and qualitative characteristics with the appropriate phrase describing its application

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1.		Using the Canadian dollar in the financial statements.
2.		An increase in an asset or a decrease in a liability due to ordinary profit-generating activities.
3.		Accounting information reflects the economic substance of the event or transaction.
4.		Quarterly financial reports are prepared.
5.		Cost of goods sold is recognized each time a sale of goods is recognized.
6.		The Canadian dollar is used to measure economic activity.
7.		Including explanatory notes as part of the financial statements.
8.		The affairs of the business are distinguished from those of its owners.
9.		A business enterprise is assumed to have a long life.
10.		Valuing assets at amounts originally paid for them.
11.		Application of the same accounting principles as in the preceding year.
12.		Presentation of timely information with predictive and feedback value.