State the accounting assumption, principle, qualitative characteristic, or constraint that is most annlicable in the following cases 1. All payments less than 25 are expensed as incurred. 2. Full disclosure principle Materiality Periodicity assumption Expense recognition principle Economic entity assumption Monetary unit assumption Comparability (consistency) 3. The company employs the same inventory valuation method from period to period. The cost of material and labor for producing a product are carried into the future if the revenue from the product will be recognized in the future. Ability to add 1985 dollar amounts to 2020 dollar amounts without any adjustment. The company president's salary is charged to expense each year. 4. 5. 6. Financial statements are prepared each year. Periodicity assumption 7. A trade-off is made between sufficient detail and sufficient condensation when preparing financial reports. Personal transactions of the proprietor are distinguished from business transactions. 8. Economic entity assumption