Match the accounting concept to its meaning

Exercise and reference answers

Matching pairs

1. Left

   Going Concern

   Right

   Business will continue indefinitely

2. Left

   Accrual Basis

   Right

   Record when earned/incurred, not when cash moves

3. Left

   Conservatism

   Right

   Anticipate losses, not gains

4. Left

   Consistency

   Right

   Use the same methods period to period