Identify the accounting principle or assumption that best reflects each situation

Identify the accounting principle or assumption that best reflects each situation. Situation 1. Accounting information is based on actual cost. 2. Transactions and events are shown in monetary units. 3. Record expenses incurred to generate the revenue reported. 4. Each business is accounted for separately from its owner or owners. 5. Revenue is recorded when products and services are delivered. 6. Accounting reports presume that the business will continue operating instead of being closed. Principle or Assumption