1. Accounting concepts Identification Presented below are a number of accounting procedures and practices at Ramirez Coro For each of these items list the assumption, principle, quality, or modifying convention that is v ed 1. Because the company's income is low this year, a switch from accelerated depreciation to straight-line depreciation is made this year. 2. The president of Ramirez Corp. believes it is foolish to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company's operations 3. Ramirez Corp. decides to establish a large loss and related liability this year because possibility that it may lose a pending patent infringement lawsuit. The possibly considered remote by its attorneys. 4. An officer of Ramirez Corp, purchased a new home computer for personal use with company money, charging miscellaneous expense. 5. A machine, that cost $40,000, is reported at its current market value of $45,000