I. Unscramble the letters to answer the questions

1. This principle expresses that a company may violate another

accounting if the amount in question is small enough that the decision

of a user of financial statement will not be affected. MTAIYALTREI

2. It assumes that all of the business transactions are separate from the

business owner's personal transactions. MECONCIO ETYNTI

3. This principle requires business transactions to have some form of

impartial supporting evidence or documentation. BTICIVIYTEO

4. In the absence of contrary information, a business entity is assumed

to remain in existence for an indeterminate period of time. NIGGO

CRONCEN

5. It requires that all business transactions and other events are

recognized in the accounting records when they occur, rather than

when the cash or equivalent is received or paid. CARLCUA

6. The life of an economic entity can be divided into artificial time

periods for the purpose of providing periodic reports on the economic

activities of the entity. IMEPE-TODIR

7. Economic activities of a Philippine entity are measured and

reported in

Philippine peso. EMROTYAN INTU

8. It leads accountants to anticipate or disclose losses, but it does not

allow a similar action for gains. VASCOSIERTN

9. This principle states that amount shown in the financial statements

should be at its historical cost. COTS

10. Another word for conservatism. RUPEEDNC​