Question 4The fair value principle is applied forb. current assets.d. Investment securities.c. bulidings.2. all msets.Question 5An income statementd. presents the revenues and expenses for a specific period of time.b. reports the changes in assets, liabilities, and owner's equity over a period of time.a. summarizes the changes in owner's equity for a specific period of time.c. reports the assets, liabilities, and owner's equaty at a specife date.Question 6Which one of the following items decreases owner's equity?c. DrawingsDemenuesd. Purchase of equipmentb. Investments by ownersQuestion 4The fair value principle is applied forb. current assets.d. Investment securities.c. bulidings.2. all msets.Question 5An income statementd. presents the revenues and expenses for a specific period of time.b. reports the changes in assets, liabilities, and owner's equity over a period of time.a. summarizes the changes in owner's equity for a specific period of time.c. reports the assets, liabilities, and owner's equaty at a specife date.Question 6Which one of the following items decreases owner's equity?c. DrawingsDemenuesd. Purchase of equipmentb. Investments by owners