(Solution) - The following excerpts were taken from the annual reports of -(2025 Original AI-Free Solution)

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The following excerpts were taken from the annual reports of a variety of companies:
I. The company?s reporting period ends on the Saturday closest to January 31(The Limited).
2. The consolidated financial statements include the accounts of Federal Express and its wholly owned subsidiaries (Federal Express)
3. Inventories are valued primarily the lower of cost or market value (JCPenney).
4. Certain reclassifications have been made for prior yes to conform with this year?s presentation Wendy?s International)
5. Revenues from the distribution of motion pictures are recognized when motion pictures arc exhibited (Walt Disney).
6. In an ongoing in ligation, the Antitrust Division of the U.S. Department of Justice requested information from Microsoft concerning various issues. Management currently believes that resolving these matters will not have a material adverse impact on the company financial position or operations (Microsoft).
7. Flight equipment is depreciated on a straight-Line basis over a 20-year useful life (Delta Air Lines).
8. Intangible assets are carried on the balance sheet at cost (Merck).
9. Property and equipment arc recorded at cost Apple. Inc.)
10. Inflation rates even though moderate in maim pails of the world, continue to have an effect on worldwide economies but have had no effect on the company?s reported financial position and performance (Johnson & Johnson).
Match each of the ten assumptions, principles, and exceptions below with one of the ten excerpts
Assumptions Principles Exceptions
Economic entity Objectivity Materiality
Stable dollar Matching Conservatism
Fiscal period Revenue recognition
Going concern Consistency