Identify the appropriate assumption underlying useful accounting information for each description 1 through 4.

1. Hancock Hats reports its sales on a monthly basis.

2. Joann Hancock, owner of Hancock Hats, keeps the accounting records of her business separate from her personal accounts.

3. Hancock Hats reports its financial statements assuming it will continue to be in business for the foreseeable future.

4. Hancock Hats expresses its financial statements using the U.S. dollar.