Problem 2 (15 Points k may be used more than once or not at all G. Expense recognition principle B. Going concem -1. Quarterly financial statements are prepared -2. Buldings are depreciated over their useful life. -3. Numbers and descriptions match what really existed or happened. -5. Accruals and deferrals in adjusting and closing process. (Do not use going concern) Useful standard measuring unit for business transactions. 6. Notes as part of necessary information to a fair presentation. 7. Affairs of the business distinguished from those of its owners. -5. 8. The performance obligation is satisfied. 9. Valuing assets at amounts originally paid for them. 10. Application of the same accounting principles by diferent firms 11. Presentation of timely information with predictive and confirmatory value