Test Practice - #1 (not for a grade) (i)\ Help\ Save & Exit\ Identify the accounting principle or assumption that best explains each situation.\ If

$51,000

cash is paid to buy land, the land is reported on the buyer's balance sheet at

$51,000

.\ Cruz Consulting performs services for a client. Cruz records revenue this period even though the client is not billed until next period.\ Mike Derr owns both Sailing Passions and Dockside Digs, In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements.\ Complete this question by entering your answers in the tabs below.\ References\ If

$51,000

cash is paid to buy land, the land is reported on the buyer's balance sheet at

$51,000

.\ Identify which accounting principle or assumption best describes the above practice\ Expense recognition (matching) principle\ General accounting principle\ Going-concern assumption\ Measurement (cost) principle\ Revenue recognition principle

Identify the accounting principle or assumption that best explains each situation. 1. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000. 2. Cruz Consulting performs services for a client. Cruz records revenue this period even though the client is not billed until next period. 3. Mike Derr owns both Sailing Passions and Dockside Digs, In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. Complete this question by entering your answers in the tabs below. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000. Identify which accounting principle or assumption best describes the above practice