a. b. c. d. e. f. S- entity assumption historical cost principle going-concern assumption conservatism convention monetary-unit assumption matching principle period of time realization recognition h. i. 1. X A company records sales on account when providing a service. A company recognizes as expense the portion of its prepaid rent that has expired. A company reports the land that it purchased in 1990 for $500,000, at the same amount on its 2013 balance sheet. A company reports its inventories on the balance sheet at the lower of cost or market. 3. 4. 5. An entity is preparing its five-year strategic plan. A company amortizes its patent, an intangible asset, over its useful life. 6. 7. All financial statements are prepared without the assumption of inflation. 8. The financial statements of the company are prepared separate from the owners. X Revenue is recognized at the time the product is sold, shipped, or delivered