QUESTION 6(5 MARKs) Generally accepted accounting principles include assumptions, concepts, and constraints The following independent situations occurred in different companies: 1. The company accountant recently spent two days calculating the accrued utities expense on 130 individual apartments for the last few days of the year. In the past, the amounts were estimated. 2. The company's sales are made on credit, but to keep accounting costs down, sales are recorded when the customer accounts are paid. When preparing financial statements, the company's policy is to record all correcting entries whether the correction is for $200,000 or $2 3. The proprietor's babysitting costs are recorded in the company expense accounts. 4. 5. All assets are restated at their liquidation values Instructions For each of the situations, identify the assumption, concept, constraint or recognition criteria that provides the best explanation, each situation only has one correct