Question: Question 3 The GAAP concept that when there is a choice between the treatment of a transaction, the more conservative option should be selected. Question

Question 3

The GAAP concept that when there is a choice between the treatment of a transaction, the more conservative option should be selected.

Question 3 options:

Monetary unit

Matching

Prudence

Materiality

Question 4

The formula for the nonprofit statement of financial position:

Question 4 options:

Assets = liabilities + owners equity

Revenues - expenses = change in net assets

Revenues - expenses = net income

Assets = liabilities + net assets

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