Listed below are some information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.

) Listed below are some information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.(Points : 30)Potential Matches:1 : Economic activity can be identified with a particular unit of accountability2 : Affairs of the business distinguished from those of its owners3 : Application of the same accounting principles as in the preceding year4 : Business enterprise assumed to have a long life5 : Presentation of error-free information with representational faithfulness6 : Notes as part of necessary information to a fair presentation7 : Money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis8 : Earnings process completed and realized or realizable9 : Valuing assets at amounts originally paid for them10 : Implies that a company can divide its economic activities into artificial time periodsAnswer: Consistency characteristic: Historical cost principle: Going concern principle: Periodicity assumption: Reliability characteristic: Economic entity assumption: Monetary unit assumption: Revenue recognition principle: Full disclosure principle: Economic entity assumption

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