Identification 1. Accounting concepts Presented below are a number of accounting procedures and practices at Ram each of these items, list the assumption, principle, quality, or modifying convention that Because the company's income is low this year, a switch from accelerated depre straight-line depreciation is made this year. e president of Ramirez Corp. believes it is foolish to report financial informatie S. Instead, the president believes that financial information should be disclo ricant new information is available related to the company's 3. Ramirez Corp. decides to establish a large loss and related liabi possibility that it may lose a pending patent infringement lawsuit. The per considered remote by its attorneys. 4. An officer of Ramirez Corp. purchased a new home computer for personal money, charging miscellaneous expense. 5. A machine, that cost $40,000, is reported at its current market Identification 1. Accounting concepts Presented below are a number of accounting procedures and practices at Ram each of these items, list the assumption, principle, quality, or modifying convention that Because the company's income is low this year, a switch from accelerated depre straight-line depreciation is made this year. e president of Ramirez Corp. believes it is foolish to report financial informatie S. Instead, the president believes that financial information should be disclo ricant new information is available related to the company's 3. Ramirez Corp. decides to establish a large loss and related liabi possibility that it may lose a pending patent infringement lawsuit. The per considered remote by its attorneys. 4. An officer of Ramirez Corp. purchased a new home computer for personal money, charging miscellaneous expense. 5. A machine, that cost $40,000, is reported at its current market