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