Identify the accounting assumption, principle, or constraint that best describes the accounting practices at Ben Wallace Company.

1. Land is valued at its original purchase price rather than its appraised value.

2. Ben Wallace Company issues financial statements every three months.

3. Expenses are allocated to the appropriate revenues each accounting period.

4. All relevant financial information is disclosed in the financial reports.

5. Personal computers costing less than \($1,000\) are expensed in the current period even though their useful life is three years.

6. The CEO’s personal business records are kept separate from the company’s records.

7. The U.S. dollar is the unit of currency used in financial reports.