Item18\ Part 6 of 6\ \ \ 0.2\ points\ eBookPrintReferencesCheck my workCheck My Work button is now enabled3Item 18Required information\ Required information\ Learning Objective 01-C2: Describe the importance of ethics and GAAP.\ Skip to question\ The goal of accounting is to provide useful information for decision making. For information to be useful, it must be trusted. This demands ethical behavior in accounting.\ \ Generally accepted accounting principles are a common set of standards applied by accountants. Accounting principles aid in producing relevant, reliable, and comparable information. Four principles underlying financial statements were introduced: cost, revenue recognition, expense recognition, and full disclosure. Financial statements also reflect four assumptions: going-concern, monetary unit, time period, and business entity.\ \ Assumptions and Constraint\ \ \ Knowledge Check 01\ \ Identify the correct assumption for each of the following activities using the drop-down list.