8. The value of asset recorded in the statement of financial position is at: A. cost B. cost plus accumulated depreciation C. carrying amount. D. market value 9. Which of the following correctly states the liabilities of the business entities? Limited Company Partnership Sole proprietorship A. Limited liability Unlimited liability Unlimited liability B. Limited liability Limited liability Unlimited liability C. Unlimited liability Limited liability Limited liability D. Unlimited liability Unlimited liability Limited liability 10. Which of the following accounting principles are used to determine the amount of revenues and expenses for reporting purpose? A. Consistency principle B. Cash basis principle C. Historical cost principle D. Matching principle