U Collabor Insert Table Chart Text Shape Media Comment 16) Which of the following states that the business should use the same accounting methods from period to period? A) consistency principle B) conservatism C) disclosure principle D) materiality concept 17) Which of the following states that a company must perform strictly proper accounting only for items that are significant to the business's financial statements? A) disclosure principle B) consistency principle C) materiality concept D) conservatism 18) Which of the following principles states that a business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company? A) materiality concept B) conservatism C) disclosure principle D) consistency principle 19) Which of the following is an application of conservatism? A) reporting all relevant information in the financial statements B) using the same depreciation method from period to period C) reporting inventory at the lower of cost or market D) reporting only material amounts in the financial statements of inventory. 20) The tracking of inventory shrinkage due to theft, damage, or errors is done with the help of a (n) A) delivery B) physical count ) authorization D) sale 21) A special journal is A) an accounting journal that holds individual accounts that support a specific general ledger account. B) an accounting journal designed to record one specific type of transaction C) a record of accounts that provides supporting details on individual balances, the total of which appears in a general ledger account D) a created list of the accounts used by a business entity to define cach class of items for which cash is spent or received S 22) Adjusting entries are recorded in the A) purchases journal C) cash receipts journal B) cash payments journal D) general journal Bu 23) Credit sales of assets other than merchandise inventory occur infrequently and are recorded in the A) cash receipts journal B) sales journal C) accounts receivable journal D) general journal 24) Depreciation expense is recorded in a A) general journal C) sales joumal B) cash payments journal D) cash receipts journal 25) Cash sales are recorded in the A) sales B) cash receipts journal. C) cash payments D) purchases 26) The purchase of three computers for the sales staff on account, should be recorded in the A) sales B) general C) cash payments D) purchases