3-4 identify the accounting concept or principle that gives the most direction on how to Aveling accounting Concepts and count for each of the following situations: A utility bill is received on December 30 and will be paid next year. When should the principles company record utility expense? (oby, 2) Salary expense of $35,000 is accrued at the end of the period to measure income properly. March has been a particularly slow month, and the business will have a net loss for the first quarter of the year. Management is considering not following its customary practice of reporting quarterly eamings to the public. A construction company is building a highway system, and construction may take 3 rears. When should the company record the revenue it eams? 154 Chapter 3 Accrual Accounting and the Financial Statements e. A physician performs a surgical operation and bills the patients insurance company may take 3 months to collect from the insurance companyShould the physician reo revenue now or wait until cash is collected