Please see attached file.
PART II ? MATCHING
Instructions: Designate the terminology that best represents the definition or statement given below by placing the identifying letter(s) in the space provided. No letter should be used more than once. Not all letters will be used.
A.Full disclosure principle
C.Average cost method
E.Last-in, first-out method
J.Monetary unit assumption
L.Periodic inventory system
O.Perpetual inventory system
S.Revenue recognition principle
T.Economic entity assumption
U.Time period assumption
V.First-in, first-out method
___1.The principle that efforts be matched with accomplishments.
___3.A coherent system of interrelated objectives and fundamentals that can lead to consistent standards.
___4.An inventory costing method which assumes that the latest units purchased are the first to be allocated to cost of goods sold.
___5.An assumption that economic events can be identified with a particular unit of accountability.
___6.A characteristic of information which means it is capable of making a difference in a decision.
___7.An assumption that the economic life of a business can be divided into artificial time periods.
___8.A system in which detailed records are not maintained and cost of goods sold is determined only at the end of an accounting period.
___9.The methods and measures adopted within a business to safeguard its assets and enhance the accuracy and reliability of its accounting records.
This question was answered on: Sep 16, 2020
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