Match the Following Principles with Their Correct Definition

question 2

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 assumption states that each company will be accounted for separately from its owners.

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Definitions:

Actual Hours Worked

The real number of hours an employee or workforce spends performing tasks during a specific period, as opposed to scheduled or standard hours.

Materials Price Variance

The difference between the actual cost of materials used in production and the standard (expected) cost.

Standard Quantity Of Hours

The standard quantity of hours refers to the pre-determined amount of labor hours estimated to be necessary to produce a single unit of output.

Standard Cost Per Mip

The predetermined cost of manufacturing one unit of product, where Mip is typically a measure of output.