Question: Question 2 (1 point) ~ Saved Mary owns and operates a fabric shop. Mary needs to borrow money to expand; therefore, she prepared financial statements

Question 2 (1 point) ~ Saved Mary owns and operates a fabric shop. Mary needs to borrow money to expand; therefore, she prepared financial statements to present to her banker. Mary recorded the assets of her store at the cost she paid for them 2 years ago rather than when she transferred them to her business this year. Mary has violated which of the following principles or concepts? O Reliability principle . Separate Entity Assumption Going-concern principle Stable-monetary-unit concept Question 3 (1 point) Saved Which of the following is false? . Owners' Equity - Assets = Liabilities Assets = Owners' Equity + Liabilities O. Owners' Equity = Assets - Liabilities Liabilities = Assets - Owners' Equity

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