Eify the accounting concept that relates to each statement or phrase below. Accounting Concepts Statement Inflation causes a violation of this assumption Information that could affect decision making should be reported. Recognizing expenses in the period they were incurred to produce revenue. - The basis for measurement of many assets and liabilities. 5. Relates to the qualitative characteristic of timeliness. 5. All economic events can be identified with a particular entity. 7. The benefits of providing accounting information should exceed the cost of doing so. 3. A consequence is that GAAP need not be followed in all situations, 2. Not a qualitative characteristic, but a practical justification for some accounting choices. 0. Assumes the entity will continue indefinitely