Under historical cost principle assets are recorded at Oa. Fair value Ob. Present value O c. Actual cost Od. Replacement cost The matching principle in accounting requires the matching of Oa. revenue earned with the assets used to produce the revenue b. revenue earned with the expenses incurred to produce the revenue Oc. revenue earned with the assets used less the liabilities incurred d. revenue earned with the liabilities incurred to produce the revenue Under the modified cash basis when cash is paid for assets with useful lives greater than one accounting period Oa. Cash payment is recoded only upon receipt of asset Ob. Cash payment is recorded as a liability Oc. No entry is made Od. Cash payment is recorded as an asset The difference between the assets's cost and the related accumulated depreciation Oa. Book value Ob. Salvage Oc. Depreciable cost Od. Net Annual value