Match the following List-I List-II a. Income is measured and financial position is assessed 1. Consistency concept b. Anticipate no profit and provide for all possible losses 2. Going concern concept c. Assets are depreciated on the basis of expected life rather than on the basis of market value 3. Conservatism concept d. The comparison of one accounting period with that in the past is possible 4. Matching concept

The correct answer is: A. a-4, b-3, c-2, d-1

Here is a brief explanation of each concept:

• Consistency concept. This concept requires that a company use the same accounting methods from period to period, unless there is a good reason to change. This makes it easier to compare financial statements from different periods.
• Going concern concept. This concept assumes that a company will continue to operate in the foreseeable future. This means that assets are not written down to their current market value, unless there is evidence that the company is going to be sold or liquidated.
• Conservatism concept. This concept states that accountants should err on the side of caution when making estimates. This means that they should record losses as soon as they are probable, but they should not record profits until they are certain.
• Matching concept. This concept requires that expenses be matched with the revenues they generate. This means that expenses should be recorded in the same period as the revenues they generate.

In the given question, option (A) is the only option that correctly matches each concept with its definition.