Reference no: EM132766874

Problem 1: Stating assets and liabilities and changes in them in terms of a common financial denominator is a prerequisites in measuring financial position and periodic net income.

Option 1: Measurement of economic resources and obligations

Option 2: Accrual

Option 3: Exchange price

Option 4: Unit of measure

Problem 2: Carrying out professional responsibilities diligently and in accordance with applicable technical and professional standards is descriptive of the principle of

Option 1: Objectivity

Option 2: Professional competence and due care

Option 3: Independence

Option 4: Integrity