Basic accounting principles. For each of the following, give the accounting principle or assumption that is best described: (LO 1, 2, 3)

a. Carlene's Sweet Shop reports revenue when it is earned instead of when the cash is collected.

b. The land on the balance sheet of Tia's Cotton Fabrics Inc. is valued at what it cost, even though it is worth much more.

c. Designer Flowers recognizes depreciation expense for a delivery van over 7 years, the period in which the van is used to help generate revenue for the company.

d. The owner of Munoz Plumbing thought that it would help the company's balance sheet to include as an asset some land she and her husband personally own. The accountant rejected this idea.