Match the Following Principles with Their Correct Definition

question 229

Short Answer

Match the following principles with their correct definition.
a.Comparability
g.Historical cost
b.Conservatism
h.Matching
c.Double-entry accounting
i.Monetary unit
d.Economic entity
j.Revenue recognition
e.Going concern
k.Time period
f.Full disclosure
-This principle requires that an expense be recorded and reported in the same period as the revenue it helped generate.

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Definitions:

Activity Cost Pools

Aggregations of all the costs associated with particular activities, used in activity-based costing.

Expected Activity

The anticipated level of operations or output, often used in budgeting and planning.

Predetermined Overhead Rate

A calculated estimate used for allocating overhead costs to products or services, based on an established measure such as labor hours or machine usage, facilitating budgeting and financial planning.

Activity-Based Costing

A strategy for attributing overhead and indirect expenditures to associated services and products, determined by the activities demanded by each.