Reference no: EM132590311

Question a) Which of the following fundamental concepts captures the essence of the statement" Land purchased for $50000 10 years ago is reported on the balance sheet as $50000"

Option 1: Accounting Period

Option 2: Historical cost concept

Option 3: Adequate disclosure

Option 4: Going concern

Option 5: Matching

Question b) Which of the following fundamental concepts captures the essence of the statement " The length of time left on debt obligations is shown in a footnote"

Option 1: Accounting Period

Option 2: Adequate disclosure

Option 3: Historical Cost concept

Option 4: Matching

Option 5: Unit of measure

Question c) Which of the following fundamental concepts captures the essence of the statement " All transactions are recorded and reported in dollars"

Option 1: Accounting period

Option 2: Adequate disclosure

Option 3: Unit of measure

Option 4: Matching

Option 5: Objectivity

Question d) Which of the following fundamental concepts captures the essence of the statement " Financial statements are prepared at the end of each year"

Option 1: Accounting Period

Option 2: Adequate disclosure

Option 3: Going concern

Option 4: Matching

Option 5: Objectivity

Question e) Which of the following fundamental concepts captures the essence of the statement" December rent expense paid in January is reported with the December Revenues"

Option 1: Accounting period

Option 2: Matching

Option 3: Adequate disclosure

Option 4: Entity

Option 5: Going concern