13. Which basic assumption may not be followed when a firm in bankruptcy reports financial results? a. Economic entity assumption b. Going concern assumption c. Periodicity assumption d. Monetary unit assumption 14 The economic entity assumption a. is inapplicable to unincorporated businesses. b. recognizes the legal aspects of business organizations. C. requires periodic income measurement d. is applicable to all forms of business organizations. to oshon cito 15. Valuing assets at liquidation values rather than cost is inconsistent with the a. periodicity assumption. t. expense recognition principle. ggnimalent C. materiality constraint. d. historical cost principle. 16. Generally, revenue from sales should be recognized at a point when a. management decides it is appropriate to do so. b. the product is available for sale to the ultimate consumer. C. the entire amount receivable has been collected from the customer and there remains no further warranty liability. d. None of these answer choices are correct. Product costs include each of the following except anolb 17. a. overhead. b. officer's salaries. c. material. d. labor. occeunt wnciuda boo According to the FASB's conceptual framework, which of the following relates to both 18. relevance and faithful representation? Neutrality Yes Comparability Yes Yes No a No h Yes C No No d