ep is owned by Irent Malone, who is personally liable for the company's debts e. Ownership of Zander Company is divided into 1,000 shares of stock. Physio Products does not pay income taxes and has one owner. g. AJ Company pays its own income taxes and has two owners. Exercise 1-7 dentifying accounting Enter the letter A through H for the principle or assumption in the blank space next to each numbered de scription that it best reflects. assumptions A. General accounting principle B. Cost principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Matching (expense recognition) principle G. Going-concern assumption H. Full disclosure principle 1. A company reports details behind financial statements that would impact users' decisions. 2. Financ ial statements reflect the assumption that the business continues operating 3. A company records the expenses incurred to generate the revenues reported. 4. Derived from long-used and generally accepted accounting practices. 5. Each business is accounted for separately from its owner or owners. 6. Revenue is recorded when products and services are delivered. 7. Usually created by a pronouncement from an authoritative body 8. Information is based on actual costs incurred in transactions. and c below. ercise 1-8 Determine the missing amount from each of the separate situati