Reference no: EM132766876

Problem 1: A professional accountant should be straightforward and honest in all professional and business relationship. This is in consonance with the fundamental principle of

Option 1: Integrity

Option 2: Confidentiality

Option 3: Professional competence and due care

Option 4: Objectivity

Problem 2: Proponents of historical costs maintain that in comparison with all other valuation alternatives for general purpose financial reporting, statements prepared using historical costs are more

Option 1: Indicative of the entity's purchasing power

Option 2: Conservative

Option 3: Relevant

Option 4: Objective