Presented below are four of accounting procedures and practices at Smith Corp. For each of these items, match exactly one item (assumption, principle, quality, or modifying convention) that is violated from the list below. Because the company's income is low this year, a 1. Historical Cost principle switch from accelerated depreciation to straight- 2. Monetary unit assumption line depreciation is made this year. 3. Going concern assumption v Land, that cost $400,000, is reported at its current market value of $450,000. 4. Fair value principle The owner of Smith Corp. purchased a new 5. Timeliness characteristic home computer for personal use with company 6. Economic entity assumption money, charging miscellaneous expense. 7. Understandability characteristic v Smith Inc. does not issue its first-quarter report 8. Periodicity assumption until after the second quarter's results are reported. 9. Revenue recognition principle 10. Consistency Characteristic