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Match the terms with the appropriate phrase thay states its application. 1. Revenue and expense recognition principles 2....

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Accounting

Match the terms with the appropriate phrase thay states itsapplication.
1. Revenue and expense recognition principles
2. Revenue recognition phrase
3. Materiality
4. Economic entity assumption
5. Industry practices or fair value principles
6. Periodicity assumption
7. Expense recognition principle
8. Historical cost principle
9. Conservatism
10. Full disclosure principle
match with
a. Agricultural companies use fair value for purposes ofvaluing crops
b. Rationale for accrual accounting
c. repair tools are expensed when purchased
d. financial information is presented so that investors willnot be misled
e. intagible assets are capitalized and amortized over periodsbenefited
f. revenue is recorded at point of sale
g. the use of consolidated statements is justified
h. reporting must be done at defined time intervals
i. fair value changes are not recognized in the accountingrecords
j. lower cost or market is used to value inventories

Answer & Explanation Solved by verified expert
4.0 Ratings (575 Votes)
1 Revenue and expense recognition principles b Rationale for accrual accounting 2 Revenue recognition phrase f revenue is recorded at point of sale 3 Materiality c    See Answer
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