1- A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the: Select one: a. Expense recognition (matching) principle. b. Going-concern assumption. c. Time period assumption. d. Operating cycle of a business.

2- The difference between the cost of an asset and the accumulated depreciation for that asset is called: Select one: a. Prepaid Depreciation. b. Depreciation Expense. c. Depreciation Value. d. Book Value.