(Learning Objective 2: Apply the revenue and expense recognition principles) Identify the accounting concept or principle that gives the most direction on how to account for each of the following situations:

a. Salary expense of $38,000 is accrued at the end of the period to measure income properly.

b. March has been a particularly slow month, and the business will have a net loss for the second quarter of the year. Management is considering not following its customary practice of reporting quarterly earnings to the public.

c. A physician performs a surgical operation and bills the patient