Match the terms in Column A with their descriptions in Column B.

This question asks you to match the accounting concepts in Column A with their descriptions in Column B. 1.1.1 Business entity This concept states that the business is separate from its owner. Therefore, only transactions related to the business are recorded, not the owner's personal transactions. This matches description B. 1.1.2 Matching The matching concept requires that expenses be recorded in the same accounting period as the revenues they helped generate. This matches description D. 1.1.3 Materiality Materiality dictates that only information significant enough to influence a user's economic decisions should be recorded and disclosed. This matches description E. 1.1.4 Historical cost The historical cost principle states that assets should be recorded at their original purchase price. This matches description A. 1.1.5 Going concern The going concern assumption means that a business is expected to continue operating indefinitely into the foreseeable future. This matches description C. Here are the matches: 1.1.1: B 1.1.2: D 1.1.3: E 1.1.4: A 1.1.5: C Send me the next one 📸