1. The economic life of a business can be divided into artificial time periods. 2. The business will continue in operation long enough to carry out its existing objectives. 3. Assets should be recorded at their cost. 4. Economic events can be identified with a particular unit of accountability s. Circumstances and events that make a difference to financial statement users should be disclosed. tion data that can be expressed in terms of money should be included in the accounting records. ShiR, & mINOr lesgue baseball leam, prepare finandal statements on a monthly basis. Their season begins in April, but in March the team engaged in the folloming transaction (a) Paid $210,000 to Kansas City as advance rent for use of Kansas City Stadium for the six month period April 1 through September 30. (b) Collected $450,000 cash from sales of season tickets for the team's 20 home games. This amount was credited to Unearned Ticket Revenue. During the month of April, the Shins played four home games and five road games