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JUS Check my work 6 Identify which accounting principle or assumption best describes each of the following practices: 1. Mike Derr owns both Sailing Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements 2. If $51 thousand cash is paid to buy land, the land is reported on the buyer's balance sheet at $51 thousand. 3. Stark Company's accounting system maintains the equipment account as if the business will continue operating and not close. eBook Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Mike Derr owns both Sailing Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. Identify which accounting principle or assumption best describes the above practice rs in the tabs below. 5. In preparing financial statements for Dockside Digs, Mike makes sure that the ate from Dockside Digs's transactions and financial statements. Ehe above practice ed 1 Required 2 Business entity assumption Expense recognition (matching) principle General accounting principle Going-concern assumption Measurement (cost) principle Revenue recoanition principle