W o rds Wine account principle or accounting assumption that it best ustrates Scenario Accounting Principle or Assumption Several years after Thomas Company purchased new office equipment, the company's accounting records still show the original purchase price. Monetary unit assumption The home of Rob Elliot, the owner of GGE Enterprises Inc., is not listed among the company's assets. Historical cost principle Thomas Company provides earnings information to investors at the end of every quarter Economic entity assumption Thomas records expenses incurred to produce the sales for the month Going concem assumption The accounting records of Thomas Company are in dollars, not euros, although the Ohio-based company is owned by a German firm Expense recognition principle Despite several years of falling sales, Thomas Company continues to forecast sales and make strategic plans to raise revenues and cut expenses. Revenue recognition principle GGE Enterprises records a deposit received from a customer for work to be performed later in the month. The customer is billed for the remaining amount after the work is complete, and the customer's Monetary unit assumption payment is recorded