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View previous attempt Exercise 1-7 (Static) Identifying accounting principles and assumptions LO C2 Identify the accounting principle or assumption that best reflects each situation. Situation 1. A company reports details behind financial statements that would impact users' decisions. 2. Financial statements reflect the assumption that the business continues operating. 3. A company records the expenses incurred to generate the revenues reported. 4. Each business is accounted for separately from its owner or owners. 5. Revenue is recorded when products and services are delivered. 6. Information is based on actual costs incurred in transactions. Principle or Assumption Full disclosure principle Going-concern assumption Expense recognition (matching) principle Business entity assumption Going-concern assumption Business entity assumption