For questions 1 5, identify which Generally Accepted Accounting Principle is being described.

1. Requires that revenue is recognized / recorded when earned. A. Revenue Recognition Principle B. Matching Principle C. Time Period Principle D. Monetary Unit Principle

2. States that financial information must be supported by independent, unbiased, verifiable evidence. A. Materiality Principle B. Conservatism Principle C. Objectivity Principle D. Going Concern Principle

3. Requires that when reporting financial information there is certainty that the business will continue to operate for the foreseeable future. A. Business Entity Assumption B. Going Concern Assumption C. Matching Principle D. Conservatism Principle

4. Requires that expenses be matched with revenue earned as a result of incurring the expense. A. Revenue Recognition Principle B. Matching Principle C. Materiality Principle D. Time Period Assumption

5. Requires that activities of an entity be kept separate and distance from other business entities. A. Time Period Assumption B. Cost Principle C. Objectivity Principle D. Economic (Business) Entity Assumption