Chapter Four$-$page $49-$ Question $3($part $2$ only$)$

$2$ A business is separate from the owner of the business. The personal actions of the owner are not recorded in the accounting system of a business. For example, the owner of a business pays the rent on her family home. This house is not used for business purposes. The payment of the rent will not be recorded in the accounting system of the business.

This accounting principle is known as the:

a period principle

b monetary principle

c going concern principle

d business entity principle.

Chapter Four $-$ page $50-$Question Four $($part $2$ only$)$

$2$ All business events can be measured in terms of money. A business event must be given a money value before it can be recorded in an accounting system.

This accounting principle is known as the:

a period principle

b monetary principle

C going concern principle

d business entity principle.

Chapter Four $-$ page $51-$ Question Five $($part $2$ only$)$

$2$ The life of a business is divided into intervals of time known as accounting periods. A balance sheet is prepared on the last day of an accounting period.

This accounting principle is known as the:

a period principle

b monetary principle

C going concern principle

d business entity principle.