On the space provided before each number, write the correct letter choice corresponding to the applicable accounting assumption/principle described below: 1. Requires that expenses incurred in producing revenues be deducted from revenues generated during the accounting period. 2. Under this principle, regardless of cash flow, income is recognized as earned when service has been rendered and expense is recognized as incurred when service has been received or asset has been used up. 3. Cash paid or its equivalent should be used to measure assets on the date that these are acquired. 4. Revenue should be recorded when there is an inflow of net assets from the sale of goods or delivery of service. 5. The life of the business is divided into uniform periods of time so that the accountant may be able to prepare financial statements. 6. Under this concept, net income is the same as the net cash flows from operating activities. Choices: a. Cash b. Matching c. Accounting Period d. Revenue Recognition e. Accrual f. Objectivity g. Cost