Question Completion Status: Revenue and expense accounts at the beginning and end of the accounting period should have: a balance of zero. balances of cumulative amounts of activity during the period. a balance of nonzero credits and debits. a net balance equal to assets minus liabilities. QUESTION 15 1 points Save Answer What does GAAP stand for ? Generally Advisable Accounting Procedures O Generally Accepted Accounting Principles Generally Approved Auditing Policies Generically Applicable Accounting Procedures QUESTION 16 1 points Save Answer The cost principle dictates that assets should be recorded in its cost. market current O historical O measurable 1 points Save Answer QUESTION 17 Every month, the accountant, Mr. Nitpicky, adjusts all of the accounts to reflect inflation of the U.S. dollar. What concept is Mr. Nitpicky violating? Materiality concept Time period concept Monetary unit concept Save All Answers Save and Submit