CALCULATOR MESSAGE MY INSTRUCTOR FULL SC Testbank Brief Exercise 135 State the qualitative characteristic, accounting assumption, principle, or constraint that is most applicable in the following cases. 1. All payments less than $25 are expensed as incurred. 2. The company employs the same inventory valuation method from period to period. 3. A patent is capitalized and amortized over the periods benefited. 4. Assuming that dollars today will buy as much as ten years ago. 5. Rent paid in advance is recorded as prepaid rent. 6. Financial statements are prepared each year. 7. All significant post-balance sheet events are reported. 8. Personal transactions of the proprietor are distinguished from business transactions. Click if you would like to Show Work for this question: Open Show Work CALCULATOR MESSAGE MY INSTRUCTOR FULL Testbank Brief Exercise 135 State the qualitative characteristic, accounting assumption, principle, or constraint that is most applicable in the following cases. 1. All payments less than $25 are expensed as incurred. 2. The company employs the same inventory valuation method from period to period. Expense recognition principle or going concern assumption Periodicity assumption 3. A patent is capitalized and amortized over the periods benefited. Materiality quality 4. Assuming that dollars today will buy as much as ten years ago. Full disclosure principle Consistency quality 5. Rent paid in advance is recorded as prepaid rent. Monetary unit assumption Economic entity assumption 6. Financial statements are prepared each year. 7. All significant post-balance sheet events are reported. 8. Personal transactions of the proprietor are distinguished from business transactions, Click if you would like to show Work for this question: Open Show Work