Question 1 Select the correct characteristic, concept, assumption, or constraint for the following 1. 2. The concept that determines when expenses are recognized is called is the process of determining the amount that should be recognized recognition principle requires that companies record in the accounting period in which the performance obligation 3. 4. 5. The amount an asset could be sold for in the market is called occurs when companies use the same accounting principles and methods from year to year, 6. Faithful representation requires that information be complete, and free from error The amount referred to when a transaction is measured at the amount of cash that was paid or at the value exchanged is called The requires that the personal activities of an owner and the business activities of his/her company are kept separate and distinct from one another, assumption is one of the most important in GAAP and assumes that the reporting entity will continue to operate for the foreseeable future. 7. 8. This Question Attempts: 0 of 1 used SAVE FOR