QUESTION 24 10 points Accountants refer to an economic event as a O a purchase. Ob.sale. Oc transaction od change in ownership. QUESTION 25 The economic entity assumption requires that the activities O a. of different entities can be combined if all the entities are corporations. O b. must be reported to the Securities and Exchange Commission. Oc. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. O d.of an entity be kept separate from the activities of its owner. QUESTION 26 Steyer Consulting started the year with total assets of $60,000 and total liabilities of $15,000. During the year, the business recorded $48,000 in catering revenues and $30,000 in expenses. Steyer issued stock of $9,000 and paid dividends of $15,000 during the year. The net income reported by Steyer Consulting for the year was; O a $3,000. Ob.$12,000. O c. $18,000. O d. $27,000 QUESTION 27 10 points The historical cost principle requires that when assets are acquired, they are recorded at O appraisal value. O cost. O market price. O book value