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Identify the accounting assumption, principle, or constraint that describes each situation below. Do not use an accounting assumption, principle, or constraint more than once. (a)
Identify the accounting assumption, principle, or constraint that describes each situation below. Do not use an accounting assumption, principle, or constraint more than once. (a) Permits the use of market value valuation in certain specific situations. (b) Rationale why plant assets are not reported at liquidation value. (Do not use measurement principle.) (c) Allocates expenses to revenues in the proper period. (d) Indicates that personal and business record keeping should be separately maintained. (e) Ensures that all relevant financial information is reported. (d) Indicates that personal and business record keeping should be separately maintained. (e) Ensures that all relevant financial information is reported. (f) Indicates that market value changes subsequent to purchase are not recorded in the accounts. (g) Separates financial information into time periods for reporting purposes. (h) Assumes that the dollar is the "measuring stick" used to report on financial performance
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