Analysis Yes No Case a. Sage Company used FIFO in 2019, LIFO in 2020, and FIFO in 2021. b. Sage acquired land on credit by signing a $66,000, one-year, noninterest-bearing note. The asset account was debited for $66,000. The interest rate for a similar purchase is 10% c. Sage issues its annual financial report nine months after the end of the annual reporting period. d. Sage recognizes all sales revenues on the cash basis. e. Sage records interest expense only on the payment dates. f. Sage includes among its financial statement elements an apartment house owned and operated by the owner of the company. g. Sage never uses notes or supplemental schedules as a part of its financial reports. Comparability Economic entity Expense recognition Full disclosure Going concern Measurement Monetary unit Periodicity Revenue recognition Timeliness Understandability Verifiability