Accounting concepts

Match it! Select the correct answer from the pull down...Good luck!

Which concept states that financial statements contain all information necessary to understand a business's financial condition?

Which concept states that business transactions are stated in numbers that have common values?

Which concept states that financial statements are prepared with the expectation that a business will remain in operation indefinitely?

Which concept states that financial information is recorded and reported separately from the owner's personal financial information?

Which concept states that changes in financial information are reported for a specific period of time in the form of financial statements.

Which concept states that revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period?

Which accounting concept states that the same accounting procedures are followed in the same way in each accounting period?

Which concept states that the actual amount paid for merchandise or other items bought is recorded?