h the r smptions and four pineiples used igortin aceounng intormation c Histonical cost Revenue recognition Expense recognition d Monetary nit h Conservatism identifly the assumpt each situation below Requires that an activity be recorded at the exchange price at the time the activity occued 2Allows a company to report financial activities separate from the activities of the owners such as customer satisfaction cannot be reported in the financial 4 Specitics that revenue should only be recognized when a company has satisfied is perform s Allows the lite of a company to be divided into artificial time periods so accounting reports statements ance obligation to a customer Justifies why some assets and liabilities are not reported at their value if sold. can be provided on a timely basis Requires that expenses be recorded and reported in the same period as the revenue thatit helped generate