1. If an owner takes goods from the inventory for personal use, which of the following accounting concepts should be considered? a) Prudence b) Going concern concept c) Money measurement d) Separate entity concept 2. Which of the following would normally be entered through the journal? a) Credit purchase returns. b) Transfers between accounts. c) Receipts from credit customers. d) Expense payments.

1. If an owner takes goods from the inventory for personal use, which of the following accounting concepts should be considered? a) Prudence b) Going concern concept c) Money measurement d) Separate entity concept 2. Which of the following would normally be entered through the journal? a) Credit purchase returns. b) Transfers between accounts. c) Receipts from credit customers. d) Expense payments