Question 9 Presented below are the basic assumptions and principles underlying financial statements. a. Cost principle b. Economic entity assumption c. Full disclosure principle d. Going concern assumption e. Monetary unit assumption f. Time period assumption Identify the basic assumption or principle that is described below. 1. Only transaction data that can be expressed in terms of money should be included in the accounting records. 2. The business will continue in operation long enough to carry out its existing objectives. 3. Circumstances and events that make a difference to financial statement users should be disclosed. 4. Assets should be recorded at their cost. 5. The economic life of a business can be divided into artificial time periods. 6. Economic events can be identified with a particular unit of accountability. R C