1-Statements prepared to know profit or loss and financial position of the business are called: Select one:

O a. Trial Balance

O b. Bank Reconciliation Statement

Oc. Financial Statement O

d. All of these

2-Valuation of stock at lower of cost or market value is an example of Select one: O a. Full disclosure convention

O b. Materiality convention

c. Conservatism convention

O d. Consistency convention