Which of the following concepts (or principles) would dictate that a person with three different businesses keep three different checking accounts?

answer choices:

Cost principle

Faithful representation principle

At the time the transaction occurred, which of the following would result in an increase in net income under the accrual basis of accounting, but would not result in an increase in net income under cash basis accounting?

answer choices:

purchase of supplies for cash

performance of services on account

use of supplies purchased earlier

receipt of cash for services that were performed earlier on account

Going-concern concept

Entity concept