Identify which basic principle of accounting is best described in each item below. (a) (b) Norfolk Southern Corporation reports revenue in its income statement when the performance obligation is satisfied instead of when the cash is collected. Yahoo! recognizes depreciation expense for a machine over the 2-year period during which that machine helps the company earn revenue. Oracle Corporation reports information about pending lawsuits in the notes to its financial statements. Gap, Inc. reports land on its balance sheet at the amount paid to acquire it, even though the estimated fair value is greater. Expense Recognition Full Disclosure Revenue Recognition Measurement (fair value) Measurement (historical cost) (c) (d) What accounting assumption, principle, or constraint would Target Corporation use in each of the situations below? (a) Target was involved in litigation over the last year. This litigation is disclosed in the financial statements. Full Discl (b) Target allocates the cost of its depreciable assets over the life it expects to receive revenue from these assets. (c) Target records the purchase of a new Dell PC at its cash equivalent price. Monetary Unit Industry Practices Going Concern Historical Cost Full Disclosure Expense Recognition Cost Constraint Revenue Recognition Periodicity Economic Entity Save for Later Attempts: 0 of 1 used Submi