Question 1 Match the following definitions a through / with the term provided. a. b. C. d. e. Definition A principle that requires the information in financial statements to be supported by independent unbiased evidence A principle that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold. The accounting principle that requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange Term (15 marks) Revenue recognition principle Business entity principle Going-concern principle Resources owned or controlled by a company that iv Monetary unit principle are expected to yield future benefits Assets an owner takes from the company for personal use V Objectivity principle f. The principle that revenue is recognized when earned vi Assets g- h. i. j. The principle that assumes transactions and events can be expressed in money units The relation between a company's assets, liabilities, and equity The principle that requires a business to be accounted for separately from its owners Creditor's claims on assets vii Owner withdrawal viii Liabilities ix Accounting equation x Cost principle