Revenue recognition and relation Fair value Full disclosure Exercise 2-06 For each situation that follows, Identity the foundational principle that best describes it (a) Allpratet expenses to revenues in the proper period (b) Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists (Do not use the revenue recognition principle.) (c) Ensures that all relevant financial information is reported (d) Is why plant assets are not reported at their liquidation value (Do not use the historical cost principle. (e) Related to the economic entity Principle, defines the entities that should be consolidated in the financial statemente, (Indicates that personal and business record-keeping should be reporately maintained (9) Separates financial information into time periods for reporting purposes (h) Permits the use of market valuation in certain specific situations (1) Requiens paning of risks and rewards, memurability, and collectibility before recording the transaction (1) Assumes that the dollar is the measuring unit for reporting financial performance Fair value