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1. According to concept, an organization is viewed as an independent unit from its owners. A entity B single economic entity C matching D periodicity Last year, a manufacturing company purchased a machine at a cost of AEDI,500,000. This year it is valued at AEDI,200,000. The 2. company accountant continues to record the value of the machine in its book of account at AED1,500,000. This is following the concept. A consistency B comparability C historical cost D monetary 3. The recognition of revenues when carned and expenses incurred regardless of when cash is received or paid is in accordance with _ concept. A realization B going concern C accrual D monetany 4. A business will continue to operate in a foreseeable future. This is in line with the concept. A continuity B going concern C forward looking D periodicity 5. concept implies that when dealing with uncertainties, an accountant must exercise caution in order to avoid misleading financial information. A Conservatism B Consistency C Comparability D Neutrality 6. concept tells us that there is always a need for both debit and credit entries of an equal amount to record each transaction. This is to keep the basic accounting equation in balance. A Monetary B Consistency Duality D Materiality

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