27. Accounting practices in the United States are governed by a set of accounting rules referred to as: The International Financial Reporting Standards (IFRS) The Financial Accounting Standards The Accounting Principles Generally Accepted Accounting Principles (GAAP) 8. Choose the option to correctly complete the following sentence. Costs that are not associated with products and services or with future period revenues but are recognized in the period in which they are incurred is known as the realization concept. conservatism concept. matching concept. materiality concept. 29. The concept that all its resources should be valued at their current worth to potential buyers is referred to as the: Entity Concept Market Value Concept Materiality Concept Consistency Concept 30. Hampton Auto purchased a piece of equipment on January 1,2019 for $100,000. The equipment will be depreciated using straight line depreciation for five years and is expected to have no salvage value. What is the impact on the balance sheet for the recognition of the first year's depreciation? Both assets and shareholder's equity will increase by $20,000. Both assets and shareholder's equity will decrease by $20,000. Assets will decrease by $20,000 and shareholder's equity is unaffected. Shareholder's equity will decrease by $20,000 and assets are unaffected