1. A wholesaler is a merchandiser who buys goods from a manufacturer and then sells the goods to retailers O True False 2. The consistency principle states that a business should use the same accounting methods and procedures from period to period True False O 3. Which of the following states that a company must perform strictly proper accounting only for lems that are significant to the business's financial statements? O A. consistency principle OB. conservatism O c. disclosure principle OD. materiality concept 4. Which of the following principles states that a business's financial statements must report enough inform outsiders to make knowledgeable decisions about the company? O A. materiality concept O B . consistency principle O c. disclosure principle OD. conservatism 5. Which of the following entries would be made to record the purchase of inventory on account, if ac the perpetual inventory system? O O A. a debit to Merchandise Inventory and a credit to Accounts Payable B. a debit to Purchases and a credit to Accounts Payable c. a debit to Accounts Payable and a credit to Merchandise Inventory D. a debit to Accounts Payable and a credit to Purchases O