Question: Select 1) whether you agree or disagree with the action taken as described in the scenario and 2) the most fitting reason why you agree

Select 1) whether you agree or disagree with the action taken as described in the scenario and 2) the most fitting reason why you agree or disagree.

Nick Industries is a family run business. In 2021, the family starts a new, separate company, Clint Enterprises. In December 2021, Nick Industries reports the expenses of Clint enterprises on its balance sheet.

1)

a. I agree

b. I disagree

2)

Neutrality

Relevance

Faithful representation

Expense recognition principle

Revenue recognition principle

Periodicity

Monetary unit

Verifiability

Full disclosure

Going concern

Comparability

Timeliness

Understandability

Conservatism

Economic entity

Consistency

Historical cost

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