Current Attempt in Progress

Identify the accounting concept that describes each situation below.

$($a$)$ Is the rationale for why plant assets are not reported at liquidation value. $($Do not use

the historical cost principle.$)$

$($b$)$ Indicates that personal and business recordkeeping should be separately maintained.

$($c$)$ Ensures that all relevant financial information is reported.

Expense Recognition Principle

Monetary Unit Assumption

Cost Constraint

Economic Entity Assumption

Periodicity Assumption

Going Concern Assumption

Materiality

Historical Cost Principle

Revenue Recognition Principle

Full Disclosure Principle

$($h$)$ Indicates that fair value changes subsequent to purchase are not recorded in the

accounts.

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