Accounting Stabdards. Determine what has to go inside each box

- What does "SEC" stand for? - State the name of accounting principle that requires rent paid in advance to be recorded as asset = The owner of Happy Company purchased a new home computer for personal use with company money, charging it to miscellaneous expense of company. Which principle is violated? State the name of assumption that requires personal transactions of the owners to be separated from business transactions - - At Zip company, because the company's income is low this year, a switch was made from accelerated depreciation method to straight- line depreciation method this year. The generally accepted accounting practice that discourages/prohibits this practice is called - At Lora Company a land that have cost company $40,000, is reported at its estimated current market value of $45,000 in the Balance Sheet. State the name of accounting principle that have been violated by this practice. The accounting principle that requires recording of revenues when service is to customers are performed regardless of when collected is called - The accounting principle that requires company to record assets at the amount purchased regardless of their fair market value is called - The assumption that company has a long life, thus allowing company to spread the depreciation of an equipment over the future years of use is called - Since 1939. the accounting standards in the USA have been issued primarily by three establishments. State the name of the first body that issued accounting standards in the USA, followed by the name of the standard that they issued. Spell complete name. Name of establishment Name of standard