gnment CALCULATOR FULL SCREEN PRINTER VERSION ERACK Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost prindple.) E N Revenue recognition principle (b) Indicates that personal and business recordkeeping should be separately maintained. historical cost principle (c) Ensures that all relevant financial information is reported. (d) Assumes that the dollar is the "measuring stick" used to report on financial performance (e) Requires that accounting standards be followed for all items of significant size. (f) Separates financial information into time periods for reporting purposes Monetary unt assumption (g) Requires recognition of expenses in the same period as related revenues. (h) Indicates that fair value changes subsequent to purchase are not recorded in the accounts. VIDEO APPLIED SKILLS LINK TO TEXT Question Attempts: o of 2 used SAVE FOR LATER SUNNITANS Copyright o 2000-2017 by John wiey & Sons, inc. or related companies. All rights reserved