Required Homework Ch 10 Help Set Check my work 4 Identify the accounting principle or assumption that best reflects each situation Principle of Assumption inte situation 1. A company reports detalls behind financial statements that would impact or 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 Print erences