E31 Identify 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 business on an ongoing basis. Expenses of $3,000 must be accrued at the end of the period to measure income properly. 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. Expenses of the period total $6,000. This amount should be subtracted from revenue to compute the periods net income.