1. Valuing assets on financial statements at the amount of cash or other fair value paid for them at the time of the assets acquisition most closely describes which measurement of financial statement elements?
   1. Current cost.
   2. Historical cost.
   3. Net Realizable Value.
   4. Net Present Value.
2. Which of the below listed accounting elements presented in financial statements is most closely related to a companys annual performance?
   1. Current assets.
   2. Expenses.
   3. Liabilities.
   4. Owners Equity.
3. A transaction where a company receives money from customers for products to be delivered in the future should be recorded as
   1. Revenue and an asset
   2. An asset and a liability
   3. Revenue and a liability