Match Each Statement with the Appropriate Accounting Concept $\$ 50,000,10$

question 36

Essay

Match each statement with the appropriate accounting concept. (Some items may not be used. Others may be used more than once.)
a. Accounting period concept
b. Adequate disclosure concept
c. Business entity concept
d. Cost concept
e. Going concern concept
f. Matching conc ept
g. Objectivity concept
h. Unit of measure concept (1) Owners transactions are separate from business transactions.
(2) Financial statements are prepared at the end of each year.
(3) Land purchased for $\$ 50,000,10$ years ago, is reported on the Balance Sheet at $\$ 50,000$ .
(4) December rent expense paid in January is reported with the December revenues.
(5) All transactions are recorded and reported in dollars.
(6) Providing a sumunary of significant accounting policies
(7) Assumes that IBM will continue as a corporation forever
(8) The length of time left on debt obligations is shown

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Definitions:

Motives

Internal drives that prompt individuals to act or behave in certain ways.

Host Country

The nation where a company operates branches or subsidiaries outside of its home country or where international events take place.

Across Cultures Competency

The capability to effectively understand, communicate, and interact with people from different cultural backgrounds.

Ongoing Communications

Continuous and consistent exchange of information, both formal and informal, among members of an organization or team.