Question 4 [5 points] Of the five Generally Accepted Accounting Principles (GAAP) introduced in this section, identify which broad accounting principle describes most directly each of the following. a) select answer Each economic entity or business of the owner must keep accounting records and reports that are separate from those of the owner and any other economic entity of the owner. VS ma ar b) select answer Travis McAllister owns two sole proprietorships, Ingersoll Antiques and The Downtown Store. In preparing financial statements for Ingersoll Antiques, Travis McAllister should be sure that the revenue and expense transactions of The Downtown Store are excluded. C select answer Z-Mart applied for a $150,000 bank loan. The bank received the business's financial statements from an independent accountant whose review indicated that Z-Mart had presented their accounting information fairly and that they had strong future potential. select answer Revenues are recorded when they are earned, regardless of when cash is received. e select answer Land and building with respective appraised values of $60,000 and $180,000 were purchased for $55,000 and $160,000. Both assets will be recorded at the respective costs of $55,000 and $160,000. ka