Question

Enter the correct letter in the highlighted column that goes with the description/example. Conservatism Information necessary to provide the reader a complete understanding of the financial information is included in the notes section of the financial statement. Materiality The company will continue to exist for the foreseeable future. Revenue Recognition The activities of a business are possible to be accurately reflected in specific time periods. Matching Revenue is recorded when the ownership of the product is transferred or a service is performed. Going Concern All business transitions are kept separately from the owner's personal financial information. Full Disclosure Only transactions that can recorded in U.S. dollars are entered. Cost Expenses are matched to revenues to more accurately represent the profit of the company. Time Period Other accounting principles can be ignored should the impact on the financial statement produce no difference in the basic