Match the Following Principles with Their Correct Definition

question 190

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 states that users should be able to make meaningful comparisons of different companies.

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Definitions:

Relatively Inelastic

Describes a situation where the demand or supply for a good or service changes only slightly in response to changes in price.

Price Elastic

Refers to a situation where the demand or supply for a product or service significantly changes in response to its price change.

Soft Drinks

Non-alcoholic beverages that are usually carbonated and contain various flavorings and sweeteners.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.