Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful lives Crosby Company list and on its balance sheet at $120.000, its 4 original purchase price, even though the land has a current fair value of $200,000 Honeywell International Inc, records revenue when products are delivered to customers, even though the cash has not yet been received Liquidation values are not normally reported in inancial statements even though many companies do go out of business M Corporation, a mullion dollar company purchased some small tools at a cost of $800. Even though the tools will be used for a number of years, the company recorded the purchase as an expense DO OCUPLULUPPUCULU rrowed sidence. pliances Equipment 00, its nt fair value Expense recognition (also the going concern assumption) Materiality Revenue recognition The economic entity assumption icts are t been statements ed some be used for a as an accounting and reporting. Identify the accounting concept that applies to wed lence. ances. uipment D. its fair value Revenue recognition The economic entity assumption The going concern assumption The historical cost (original transaction value principle its are been The periodicity assumption statements d some