the fou n de Principles r and reporting acting womain Assumptions a Economie entity ocast 2. Going-concern Time period e a Revenue recognition Expense recognition Conservatism h. Monetary unit Required: Identify the assumption or principle that best describes each situation below 1. Becures that an activity be recorded at the change price at the time the activity occurred 2. Allows a company to report facilities t o the cities of the owners. 3. Implies that tems such as customer satisfaction cannot be ported the financial s 4. Specifies that revenue should only be recognized when company has performance c o ntacter 5. Justifies why some assets and liabities are not reported at the value of sold 6. Allows the life of a company to be divided into artificial time periods secounting reports can be provided on a timely basis 7. Is a prudent reaction to uncertainty Check My Work more Check My Works remaining All work saved Emal instructor Save and be submit Resignment for Gra 90 6 7 8 TYTUTO LINKIT Monetary unit Required: Expense recognition Conservatism Identify the assumption or principle that best describes each situation below 1. Requires that an activity be recorded at the exchange price at the time the activity occurred 2. Allows a company to report financial activities separate from the activities of the owners. 3. Implies that items such as customer satisfaction cannot be reported in the financial statements 4. Specifies that revenue should only be recognized when a company has satisfied its performance obligation to a customer 5. Justifies why some assets and are not reported the value old 6. Allows the life of a company to be divided into fame periods so n g reports can be provided on my 7. Isa prudent reaction to uncertainty 3. Requires that expenses be recorded and reported in the period as there that hod e t Check My Works more Check My W o ning Previous All work saved Email instructor Save and it Submit Antigament for Grading Tuolel 16