Saved Identify the accounting principle or assumption that best reflects each situation. Situation 1. Accounting reports presume that the business will continue operating instead of being closed. 2. A company reports details behind financial statements that would impact users' decisions. Principle or Assumption 34 3. A business is accounted for separately from other business entities and its owner. 4. Revenue is recognized when goods or services are provided to customers. 5. Accounting information is based on actual cost. 6. Financial statement details that would impact decisions are often disclosed in the footnotes. Business entity assumption Expense recognition (matching) principle Full disclosure principle Going-concern assumption Help Save & Exit Sube Check my wor