For each of the following, explain whether you agree or disagree with the accounting treatment. Support your view with the GAAP Principles, naming the specific principle that applies to each individual case.

$1.$ A company records all revenue when earned, whether it has been collected or not.

$2.$ Payment of a three$-$year insurance policy is charged to insurance expense and not adjusted.

$3.$ Because the December telephone bill did not arrive until January, no telephone expense was recorded for December