Identify which general accounting principle best describes each of the following practices:

a. Marilyn Choi owns both Sailing Passions and Dockside Supplies. In preparing financial state¬ ments for Dockside Supplies, Choi makes sure that the expense transactions of Sailing Passions are kept separate from Dockside’s statements.

b. In December 2004, A-Plus Floors received a customer’s order and cash prepayment to install car¬ pet in a new house that would not be ready for installation until March 2005. A-Plus Floors should record the revenue from the customer order in March 2005, not in December 2004.

c. If \($30,000\) cash is paid to buy land, the land is reported on the buyer’s balance sheet at \($30,000\).