on 21 For any corporation, the revenue recognition principle dictates that revenues accounting period in which it is: out of Select one: a Collected b. Earned c. Most likely to be collected d. Least likely to be collected e. All of the above, depends on the company The correct answer is: Eamed on 22 0 out of The expensing of inexpensive small tools is an application of Select one: Select one: a. Conservatism b. The Matching Principle c. Materiality concept d. The Time Period Assumption e. The Monetary Unit Principle The correct answer is: Materially concept stion 23 The going concern principle is inapplicable when -00 out of Select one: a. The business is just starting up b. The business is filing bankruptcy c. Fair market values are higher than costs d. Net realizeable values cannot be obtained e. None of the above because the poing concem principle is applicable na The correct answer is: The business is Sing bankruptcy estion 24 Brendon Bradley starts a corporation. He makes sure that his persona con company accounts and does not charge his personal expenses to the compan 3.00 out of Select one a. The "Keep it Separate Concept b. The Going Concem Assumption c. The Conservatism principle The monetary unit assumption - The Economic entity assumption The correct answer is: The Economic entity assumption