Identify the accounting concept that describes each situation below. Do not use any concept more than once. a. Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) choose the accounting concept b. Indicates that personal and business recordkeeping should be separately maintained. choose the accounting concept c. Ensures that all relevant financial information is reported. choose the accounting concept d. Assumes that the dollar is the "measuring stick" used to report on financial performance. choose the accounting concept e. Requires that accounting standards be followed for all items of significant size. choose the accounting concept f. Separates financial information into time periods for reporting purposes. choose the accounting concept g. Requires recognition of expenses in the same period as related revenues. choose the accounting concept h. Indicates that fair value changes subsequent to purchase are not recorded in the accounts.

a. Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) - Going concern assumption

The going concern assumption, as the name implies, assumes that the firm will continue to operate in the foreseable future, and that it will be able to meet its financial obligations.

b. Indicates that personal and business recordkeeping should be separately maintained - Economic entity assumption

The economic entity assumption assumes that the firm is a separate entity from the owner, even if legally it is not so. For example, in accounting, a sole proprietorship is a separate entity even if under legal terms it is not so.

c. Ensures that all relevant financial information is reported - Full disclosure principle

This principle establishes that all financial information that may be relevant for the stockholders of the firm should be disclosed.

d. Assumes that the dollar is the "measuring stick" used to report on financial performance - Monetary unit assumption

This principle establishes that the value of all financial information should be expressed in monetary terms (for example, the dollar).

e. Requires that accounting standards be followed for all items of significant size -  Materiality

The principle of materiality establishes that all financial information related to relevant items or transactions should be disclosed.

When the item or transaction is not considered to be relevant, then, it does not have to be disclosed.

For example, for a large multinational corporation, the purchase of a few pencils is not relevant, and does not have to be disclosed under the principle of materiality.

f. Separates financial information into time periods for reporting purposes - Periodicity

The periodicity principle relates to the fact that financial information is organized in specific periods of time, and these periods are carried out over time. These periods can go from daily to yearly.

g. Requires recognition of expenses in the same period as related revenues. choose the accounting concept - Matching principle

The matching principle establishes that revenues should be recognized when the associated expenses have been spent.

h. Indicates that fair value changes subsequent to purchase are not recorded in the accounts. - Measurement principle

The measurment principle of accounting focuses on past values, not on current values, although current market values may be also recognized.

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