Assets are recorded at their original purchase according to the

a) cost benefit principle

b) consistency principle

c) materiality principle

d) historical cost principle

Switching accounting principles every year would violate the:

a) conservatism principle

b) historical cost principle

c) consistency principle

d) full disclosure principles

Which of the following accounting principles states companies and owners should be accounted for separately

a) periodicity assumption

b) monetary unit assumption

c) going concern concept

d) business entity concept

The assumption that states that businesses can divide up their activities into artificial time period is

a) periodicity assumption

b) going concern concept

c) business entity concept

d) monetary unit assumption

Management concealing important information violates the

a) consistency principle

b) materiality principle

c) historical cost principle

d) full disclosure principle

When estimating unearned revenues, what principle applies?

a) full disclosure principle

b) conservative principle

c) historical cost principle

d) consistency principle