Exercise 1-10 (Static) Basic assumptions and principles [LO1-7, 1-8, 1-9] Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that cpplies to each statement. Exercise 1-10 (Static) Basic assumptions and principles [LO1-7, 1-8, 1-9] Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that cpplies to each statement