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What concept is jerry

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Reference no: EM132939256

Problem 1: The business rather than its owner is the reporting unit. What concept the above statement follows?

(a) Reporting Period

(b) Objectivity

(c) Realization

(d) Separate Legal Entity

Problem 2: Jerry the accountant of Utara Sdn Bhd has a choice of recording stock in hand at RM3,000 and RM3,500. Jerry prefers to record the stock at RM3,000. What concept is Jerry following?

(a) Conservatism

(b) Matching

(c) Realization

(d) Materiality

Reference no: EM132939256

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