Options are for each:

1. Accounting entity

2. Period

3. Going concern

4. Accrual Basis

State which accounting assumption has been violated in each of the following independent situations: Situation Accounting assumption which has been violated Service provided to a customer in June was not recorded because customer has not paid cash yet. Loan advanced to Sweet Cakes in June was recorded in July Land acquired at a cost of $400,000 is shown in the balance sheet at its liquidation value of $350,000. Personal expenses of $3,000 are recorded as business expenses. To maximise the profit, expenses in June were recorded in July.