Your answer has been saved and sent for grading. See Gradebook for score details. Presented below…

Your answer has been saved and sent for grading. See Gradebook for score details. Presented below are the assumptions made and characteristics of information used in this chapter. 1. Accounting entity assumption 2. Going concern assumption 3. Accrual basis assumption 4. Period assumption 5. Relevance 6. Faithful representation 7. Comparability 8. Verifiability 9. Materiality 10. Timeliness 11. Understandability Identify by number the accounting assumption or characteristic that describes each situation below. Type the number of the correct assumption or characteristic into the fie more than once. (a) 9 Repair tools are expensed when purchased. These repair tools have a useful life of more than one accounting period. 7 Two business financial reports can be viewed together. S No information is missing or biased. 4 Financial information is separated into time periods for reporting purposes. Independent people can reach the same figures. 1 Personal and business record keeping should be separately maintained. 2 Information that can be used to predict the future. 10 Financial reports are issued promptly.

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