Choose one answer for each question.

itulo 1 Saved Help Identify the accounting principle or assumption that best reflects each situation. Situation Principle or Assumption 1. A company reports details behind financial statements that would impact users' decisions. 2. Financial statements reflect the assumption that the business continues operating. Business entity assumption 3. A company records the expenses incurred to generate the revenues reported. Expense recognition (matching) principle 4. Each business is accounted for separately from its owner or owners. 5. Revenue is recorded when products and services are delivered Full disclosure principle 6. Information is based on actual costs incurred in transactions. Going-concern assumption Measurement (cost) principle Revenue recognition principle