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Match each descriptive statement with an item in the list. Please note that you may use each item once, more than once, or not at all. A company recognizes as expense the portion of its prepaid rent that has expired Choose A company reports the land that it purchased in 1970 for $500,000 at the same amount on I Choose its 2016 balance sheet. [ Choose conservatism convention A company reports its inventories on the going-concern principle balance sheet at the lower of cost or market revenue recognition monetary-unit assumption matching principle An entity is preparing its five-year strategic period of time plan. historical cost principle entity assumption A company amortizes its patent, an intangible asset, over its useful life. [Choose ] When received in advance, a company defers recording service revenue until it is earned [ Choose ] General inflation adjustments are not recognized in the accounting records. [Choose ] A public company provides quarterly financial information to its shareholders. [ Choose ] A company's balance sheet excludes assets owned by its president [ Choose ] A company records sales on account when providing a service. [ Choose ]