Matching Identify by letter the accounting concept that best describes each situation. Long-term assets are not listed at liquidation value. Only information capable of making a difference is reported. Personal and business records should be kept separate.
Revenue is recognized when service is rendered.
The dollar is used to report financial results. Changes in market value are not reported. Report losses, record reasonably certain gains. Assets equal creditors' and owners' claims to the assets. Record expenses in proper period.