P3. State the accounting assumption, principle, or constraint that is most applicable in the following cases. 1. All payments less than $25 are expensed as incurred. 2. The company employs the same inventory valuation method from period to period. 3. A patent is amortized as an expense over the periods benefited. 4. Assuming that dollars today will buy as much as ten years ago. 5. Financial statements are prepared each year. 6. All significant post-balance sheet events are reported. 7. Personal transactions of the proprietor are distinguished from business transactions