Basic accounting principles and assumptions. Give the accounting principle, assumption, constraint, or qualitative characteristic that is most applicable to each of the following: (LO 1, 2, 3)

a. Equipment is recorded as an asset and expensed over the periods in which it is used.

b. The company prepares financial statements quarterly.

c. When rent is purchased in advance, it is recorded as an asset.

d. Assets such as inventory are valued in dollars, not units, for the financial statements.