QUESTION 17 Which of the following accounts would be closed at the end of the accounting period with a debit? O A. Sales Discounts. OB. Sales Returns and Allowances. OC. Cost of Goods Sold. OD. Operating Expenses. O E. Sales. QUESTION 18 The expense recognition principle, also called the matching principle: O A. Prescribes that accounting information is based on actual cost. OB. Provides guidance on when a company must recognize revenue. O C. Prescribes that a company report the details behind financial statements that would impact users' decisions. OD. Prescribes that a company record the expenses it incurred to generate the revenue reported. E. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. QUESTION 19 The measurement principle, also called the cost principle: O A. Prescribes that accounting information is based on actual cost. O B. Provides guidance on when a company must recognize revenue. O C. Prescribes that a company report the details behind financial statements that would impact users' decisions. O D. Prescribes that a company record the expenses it incurred to generate the revenue reported. O E. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. QUESTION 20 The revenue recognition principle: O A. Prescribes that accounting information is based on actual cost. O B. Provides guidance on when a company must recognize revenue. C. Prescribes that a company report the details behind financial statements that would impact users' decisions. OD. Prescribes that a company record the expenses it incurred to generate the revenue reported. O E. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold