Please chose from the list below for #2, #4, #5

1

Expense recognition (also the going concern assumption) Materiality The economic entity assumption The going concern assumption Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad account principle, or component that applies to each statement. Jim Marley is the sole owner of Marley's Appliances. Jim borrowed $100,000 to buy a new home to be used as his personal residence. This liability was not recorded in the records of Marley's The economic entity assumption 2. Apple Inc. distributes an annual report to its shareholders. 3, Hewlett-Packard Corporation depreciates machinery and Expense recognition (also the going concern assumption) equipment over their useful lives Crosby Company lists land on its balance sheet at $120,000, its value of $200,000 Honeywell Intenational Inc. records revenue when products are . original purchase price, even though the land has a current fair 5. delivered to customers, even though the cash has not yet been Liquidation values are not normally reported in financial statements The going concern assumption do go out of business IBM Corporation, a multibillion dollar company, purchased some small tools at a cost of $800. Even though the tools will be used for a number of years, the companyr expense 7, recorded the purchase as ar