PART 1- MUTLITPLE CHOICE QUESTIONS (5 Marlos) Select the correct answer for each of the following questions Provide your answer on a blank paper You only need to provide the question number and the latter you choose 1. The accounting principle that requires expenses to be reported in the same period as the revenue they helped to produce is the: a) revenue recognition principle b) cost principle c) matching principle d) cash basis of accounting e) timeliness principle 2. Adjusting entries a) affect only income statement accounts b) affect only balance sheet accounts c) affect only statement of cash flows accounts d) affect both income statement and balance sheet accounts e) affect only equity accounts 3. The adjusted trial balance contains information pertaining to a) asset accounts only b) balance sheet accounts only c) income statement accounts only d) all general ledger accounts a) revenue accounts only 4. The idea that the life of a business is divisible into time periods of equal length is the a) business entity prince b) timeliness principle c) going concern principle d) matching principle e) revenue recognition principle 5. If an accountant forgot to record depreciation on office equipment at the end of an accounting period, on the statements prepared at that time: a) the assets are overstated and owner's equity is understated b) the assets and owner's equity are both understated c) the assets are overstated, net income is understated, and owner's equity is overstated d) the assets, net income, and owner's equity are understated e) the assets net income, and owner's equity are overstated