Answer CLOSE Brief Exercise 2-8 Identify which basic assumption of accounting is best described in each item below. (a) The economic activities of FedEx Corporation are divided into 12- month periods for the purpose of issuing annual reports. Periodicity (b) Solectron Corporation, Inc. does not adjust amounts in its financial statements for the effects of inflation. Monetary Unit (c) Walgreen Co. reports current and noncurrent classifications in its balance sheet. Going Concern (d) The economic activities of General Electric and its subsidiaries are merged for accounting and reporting purposes. Economic Entity