Match List I with List II.
|
List I (Accounting Concepts) |
List II (Purpose/Applicability) |
||
|
A. |
Going Concern Concept |
I. |
The same accounting method used by a firm from one period to another |
|
B. |
Consistency |
II. |
Relate to the relative size or importance of an item or event |
|
C. |
Cost concept |
III. |
This an inappropriate assumption for a firm undergoing bankruptcy |
|
D. |
Materiality |
IV. |
The normal basis used to account for assets |
Choose the correct answer from the options given below:
1
A - II, B - III, C - IV, D - I
2
A - I, B - II, C - III, D - IV
3
A - I, B - II, C - IV, D - III
4
A - III, B - I, C - IV, D - II