2. Allows a company to report financial activities separate from the activities of the owners: 3. Implies that tems such as customer satisfaction cannot be reported in the financial statements 4. Speches that revenue should only be recoghired when a company has satished its performance obligation to a customer. 5. Justifies why some assets and llabilies are not reported at their value if sold. 6. Allows the Vife of a company to be divided into artificial time periods so accounting reports can be provided on a timely basis: 7. Is a prudent reaction to uncertainty. 8. Requires that expenses be recorded and reported in the same period as the revenve that it helped generate