concept, an organization is viewed as an independent unit 1. According to from its owners. A entity B single economic entity C matching D periodicity 2. Last year, a manufacturing company purchased a machine at a cost of AED1,500,000. This year it is valued at AED1,200,000. The company accountant continues to record the value of the machine in its book of account at AED1,500,000. This is following the concept. A consistency B comparability C historical cost D monetary The recognition of revenues when earned and expenses incurred regardless of when cash is received or paid is in accordance with 3. concept. A realization B going concern C accrual D monetary 4. A business will continue to operate in a foreseeable future. This is in line with the concept. A continuity B going concern C forward looking D periodicity