1. Explain the following concepts of the Generally Accepted Accounting Principles (GAAP)
A· Monetary denominator
B· Objective evidence and cost convention
C· Conservatism
D· The accrual concept
2. Linda goes to a store and buys a 60”HD television. Jennifer hires a company to clean her swimming pool once a week. The ________ governs Linda’s contract with the store and the ________ governs Jennifer’s contract with the pool cleaning company?
A. Common law: common law
B. Common law; UCC
C. UCC; common law
D. UCC; UCC
3. Angela makes a material misstatement of fact to Frances, which she relies on when she signs Angela’s contract. Fraud exists if Angela made the misstatement__________________
A. Intentionally
B. Recklessly
C. Carelessly
D. Both A & B
E. A & and B & C