My courses / BUSD-1006-AUT,H01-XL-2022 Wtr / Assignments / Unit 2 Assignment of For each of the following independent situations occurred in different companies, identify the assumption, concept, or constraint that best describes each situation. Do not use the choice more than once and each situation only has one correct answer. stion Assets are not stated at their liquidation value. When preparing the financial statements, the company reports all relevant financial information. The proprietor of an unincorporated business maintains two bank accounts and two sets of accounting records-one for household expenses, and the other for business purposes. The retail company A uses retail inventory method and does not traces actual unit costs to invoices because it considers the cost to provide the unit cost of inventory exceeds the benefits. The company prepares monthly, quarterly and annual financial statements for management review. Choose... Choose... Choose... Choose... Choose... 4 4