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III. State the accounting principle applicable in each case. 16. Paper clips were automatically charged to expense. 17. Even though a project will take five years to finish, an annual report was furnished to the Investors. 18. There are five beauty salons In the vicinity and the business doesn't earn much due to stiff competition, However, the accountant prepares the annual financial statements with the assumptions that the business will not close anytime. 19. A business agreed to pay a down payment for the purchase of additional ten machines early next year In lIne with its business expansion. This was an added note to the financial statement. 20. The telephone bill for the month, received end of the month, was recorded although it will be paId on the third day of the following month. 21. Separate financial statements were prepared for the restaurant and the barber shop of Mr. Panot. 22. The market value of the land was ignored for purposes of financial statement reporting. IV. State the type of business activity performed by each establishment 23. SM Hypermarket 27. JM Furniture Factory 24. David's Beauty Salon 28. Ace Hardware 25. National Book Store 29. SGV Auditing Firm 26. Belo Medical Clinic 30. SCJohnsons Company V. Identify the concept or principle that each statement refers to. 31. This refers to the relative importance of an item or event. 32. Expense should be recognized at the time they are incurred such as when goods and services are actually used and not at the time when the entity pays for those goods and services. 33. Approaches used in reporting must be uniformly employed from period to period to allow comparison of results between time periods. 34. This states that all material facts that will significantly affect the nancial statements must be indicated. 35. All properties and services acquired by the business must be recorded at their original acquisition cost. 36. The business enterprise is separate and distinct from its owners and from other business enterprises. 37. All business transaction that will be entered in the accounting records must be duly supported by veriable evidence. 38. Income should be recognized at the time it is earned such as when goods are delivered or when services have been rendered. 39. Accounting information abOut the economic activities of an enterprise is provided for specied time periods. 40. This refers to the assumption that the business enterprise will continue to operate indenitely