Match each situation below to the relevant accounting assumption or principle. This content is copyrighted. Use each choice only once, and pick the best match for each story.

- A. B. C. D. E.	J. Jones opens an ice cream parlor as a sole proprietor. He/she contributes $5,000 of cash from a personal checking account into a new business account.
- A. B. C. D. E.	Smith, Inc. has a division in England. Smith translates the results of the division from British pounds to U.S. dollars before preparing its financial statements.
- A. B. C. D. E.	Acme Company purchased land for $500,000. The president feels that the purchase was a great bargain. The land is recorded on Acme's books at $500,000.
- A. B. C. D. E.	A business has always prepared annual financial statements. However, management has now requested monthly statements.
- A. B. C. D. E.	A company needs to use special accounting rules because they have declared bankruptcy and are liquidating.