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:

Tacit Knowledge

Unwritten, unspoken, and hidden vast storehouse of knowledge held by practically every normal human being, based on his or her experiences.

Learned Experience

Knowledge or skills acquired through involvement in or exposure to particular activities or events.

Historical Measures

Quantitative data or statistics from the past used to guide or inform future decisions or strategies.

Human Capital Requirements

The skills, knowledge, and experience needed by employees to effectively contribute to an organization's success.