dentify the accounting assumption, criteria, or objective that gives the most direction on how to account for each of the following situations: The owner of a business desires monthly financial statements to measure the financial progress of the entity on an ongoing basis. - Expenses of $1.200 must be accrued at the end of the period to measure income property A customer states her intention to switch travel agencies. Should the new travel agency record revenue based on this intention? Give the reason for your answer. 1. Expenses of the period total $5,000. This amount should be subtracted from revenue to compute the period's net income For each situation, select the accounting concept or principle that gives the most direction on how to account for that situation. If there is only one concept or principle, select an answer in the first column, leaving the second column blank. Accounting Concept(s) or Principle(s) b d. For situation c, complete the following: Should the travel agency record revenue based on this intention? No The travel agency should not record revenue because the customer did not pay cash