For each financial concept listed in 1 through 5 below, identify in which category (listed in a through f) it should be matched. You may use each letter more than once or not at all.
Categories
a. Similar events are measured using identical accounting methods from one period to the next.
b. Expense is recognized in the same period that its generated revenue is recognized.
c. Different firms use identical accounting methods to measure similar events.
d. Present value of future cash flows.
e. Significant portion of effort made; major portion of cost incurred, objectively measured, and reasonably assured of ultimate cash receipt.
____ 1. Comparability
____ 2. Objectivity
____ 3. Revenue recognition principle
____ 4. Matching principle
____ 5. Consistency

Question

For each financial concept listed in 1 through 5 below, identify in which category (listed in a through f) it should be matched. You may use each letter more than once or not at all.
 Categories
a. Similar events are measured using identical accounting methods from one period to the next.
b. Expense is recognized in the same period that its generated revenue is recognized.
c. Different firms use identical accounting methods to measure similar events.
d. Present value of future cash flows.
e. Significant portion of effort made; major portion of cost incurred, objectively measured, and reasonably assured of ultimate cash receipt. 
____ 1. Comparability
____ 2. Objectivity
____ 3. Revenue recognition principle
____ 4. Matching principle
____ 5. Consistency

Quizplus · Accepted Answer

The Answer of For each financial concept listed in 1 through 5 below, identify in which category (listed in a through f) it should be matched. You may use each letter more than once or not at all.
 Categories
a. Similar events are measured using identical accounting methods from one period to the next.
b. Expense is recognized in the same period that its generated revenue is recognized.
c. Different firms use identical accounting methods to measure similar events.
d. Present value of future cash flows.
e. Significant portion of effort made; major portion of cost incurred, objectively measured, and reasonably assured of ultimate cash receipt. 
____ 1. Comparability
____ 2. Objectivity
____ 3. Revenue recognition principle
____ 4. Matching principle
____ 5. Consistency

For Each Financial Concept Listed in 1 Through 5 Below