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Exercises 67 E2-6 (L05,6) (Assumptions, Principles, and Constraint) Presented below are the assumptions, principles, and constraint used in this chapter. 1. Economic entity assumption 6. Measurement principle (fair value) 2. Going concern assumption 7. Expense recognition principle 3. Monetary unit assumption 8. Full disclosure principle 4. Periodicity assumption 9. Cost constraint 5. Measurement principle (historical cost) 10. Revenue recognition principle Instructions Identity by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) Allocates expenses to revenues in the proper period. (b) Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recogni tion principle.) (c) Ensures that all relevant financial information is reported. (d) Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.) (e) Indicates that personal and business record keeping should be separately maintained. () Separates financial information into time periods for reporting purposes. (g) Assumes that the dollar is the measuring stick" used to report on financial performance, 52.7 0 SA