1. The accounting principle that states companies and owners should be account for separately.

Correct: BUSINESS ENTITY CONCEPT
GOING CONCERN CONCEPT
MONETARY UNIT ASSUMPTION
PERIODICITY ASSUMPTIONUMPTION

2. Companies not disclosing an immanent bankruptcy would violate the:

BUSINESS ENTITY CONCEPT
Correct: GOING CONCERN CONCEPT
MONETARY UNIT ASSUMPTION
PERIODICITY ASSUMPTION

3. The assumption that states that businesses can divide up their activities into artificial time periods.

BUSINESS ENTITY CONCEPT
GOING CONCERN CONCEPT
MONETARY UNIT ASSUMPTION
Correct: PERIODICITY ASSUMPTION

4. Assets are recorded at their original purchase price according to the:

MATERIALITY PRINCIPLE
Correct: HISTORICAL COST PRINCIPLE
COST BENEFIT PRINCIPLE
CONSISTENCY PRINCIPLE

5. Management concealing important financial information violates the:

MATERIALITY PRINCIPLE
HISTORICAL COST PRINCIPLE
Correct: FULL DISCLOSURE PRINCIPLE
CONSISTENCY PRINCIPLE

6. When estimating unearned revenues, what principle applies?

Correct: CONVERATISM PRINCIPLE
HISTORICAL COST PRINCIPLE
FULL DISCLOSURE PRINCIPLE
CONSISTENCY PRINCIPLE

7. What is not a value of accounting relevance?

PREDICTIVE VALUE
FEEDBACK VALUE
TIMELINESS
RELIBILITY

8. What is not a value of accounting reliability?

VERIFIABILITY
REPRESENTATIONAL FAITHFULNESS
TIMELINESS
NEUTRALITY

9. Switching accounting principles every year would violate the:

CONVERATISM PRINCIPLE
HISTORICAL COST PRINCIPLE
FULL DISCLOSURE PRINCIPLE
Correct: CONSISTENCY PRINCIPLE

10. Recording expenses and revenues in the same period in which they occur.

OBJECTIVITY PRINCIPLE
Correct: MATCHING PRINCIPLE
HISTORICAL COST PRINCIPLE
INDUSTRY PRACTICES CONSTRAINT