QUESTION 14 Best Custards buys a piece of land at an auction at $150,000. The appraiser hired by the company appraises the land at $250,000. Therefore, Best Custards records the land value at $250,000, immediately recognizing a $100,000 gain. Which of the following principles did Best Custards violate, if any? Conservatism. Full disclosure. Revenue recognition. There were no violations. QUESTION 15 Which of the following is a result of not undertaking closing entries properly? Total liabilities is misreported. Total stockholders' equity is misreported. Total common stock is misreported. Total assets is misreported. QUESTION 16 Cash basis accounting does not result in different net income compared to accrual basis accounting. is allowed under US GAAP. is allowed under IFRS. results in reported revenues that map more closely to inflows of cash.