Fill in the blanks with the correct terms choosing from the list below Note: There is only one correct answer for each question. Income Statement Cost Corporation Ethics Partnership Faithful representation Historical cost Revenue recognition Going concern Matching Posting Balance sheet Business Entity Note Payable 1) A business organized as a separate legal entity with signed formal legal documents and with ownership divided into transferable shares is called a 2) The concept that prescribes when a cost incurred by a business should be recorded as an expense 3) An assumption that a company will continue to operate in the foreseeable future is called 4) The standard of behaviour by which actions are judged as right or wrong, fair or unfair is called 5) An association of two or more persons to carry on as co-owners of a business for profit is called a 6) The accounting concept that states that assets should be recorded at their original cost is 7) Transferring journal entry information to the General Ledger accounts is called 8) The financial statement that shows revenue and expense and records a profit or loss is called the