Match the appropriate accounting assumption or principle that is most applicable to each of the following cases: Prepayment for an annual license is [Choose ] allocated equally to expense over the next 12 months for ABC Inc. Inventories at Sparky Mercantile are valued [Choose ] at lower of cost or net realizable value Although the inflation rate for the most recent fiscal year of Desert Auto was 6%, no adjustment was made on the year-end statements [Choose ] > Anderson owns a restaurant and a dry cleaning service. Separate financial statements are prepared for each business [Choose ] Measurement Principle Expense Recognition Periodicity Assumption Economic Entity Assumption