1. The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following?

a. monetary measurement concept

d. separate entity concept

c. going concern assumption

d. time period assumption

2. Which of these statements is false?

a. Liabilities Equity = Assets

b. Assets = Liabilities + Equity

c. Assets Liabilities = Equity

d. Liabilities = Assets Equity

3. Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated?

a. expense recognition (matching) principle

b. revenue recognition principle

c. cost principle

d. full disclosure principle

4. Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided?

a. revenue recognition principle

b. expense recognition (matching) principle

c. cost principle

d. full disclosure principle