Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or component that applies to each statement. 2. Apple Inc. distributes an annual report to its shareholders Crosby Company lists land on its balance sheet at $120,000, its . original purchase price, even though the land has a current fair value of $200,000. Honeywell Intenational Inc. records revenue when products are 5. delivered to customers, even though the cash has not yet been received Expense recognition (also the going concern assumption) Materiality The economic entity assumption The going concern assumption