2 [2 marks) Instructions: Designate the best answer for each of the following questions. Just your selection with a logical argument, (0.5 mark for each) 1. The requirement that only transaction data capable of being expressed of money be included in the accounting records relates to the a economic entity assumption b. Mistorical cost principle C monetary unit assumption d. both the historical cost principle and the monetary unit assumption 2. After a business transaction has been analyzed and entered in a journal, the next step in the recording process is to transfer the information to the route the company's bank but decrease Owner's accounts receivable accounts payable Owner's capitat prepaid insurance 4. GAAP refers to a General Association of Accounting Practitioners b. General Accounting and Auditing Principles c. Generally Accepted Accounting Principles d. Guidelines for American Accounting Procedures