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Identify the accounting assumption, criteria, or objective that gives the most direction on how to account for each of the following situations: a. The owner of a business desires monthly financial statements to measure the financial progress of the entity on an ongoing basis. b. Expenses of $1,200 must be accrued at the end of the period to measure income properly. c. A customer states her intention to switch travel agencies. Should the new travel agency record revenue based on this intention? Give the reas d. Expenses of the period total $5,700. This amount should be subtracted from revenue to compute the period's net income. For each situation, select the accounting concept or principle that gives the most direction on how to account for that situation. If there is only one leaving the second row blank. a. The owner of a business desires monthly financial statements to measure the financial progress of the entity on an ongoing basis. b. Expenses of $1,200 must be accrued at the end of the period to measure income properly. c. A customer states her intention to switch travel agencies. Should the new travel agency record revenue based on this intention? Give the reason fe d. Expenses of the period total $5,700. This amount should be subtracted from revenue to compute the period's net income. For situation c., complete the following:
$22- Acct 1000-Section 2 (1) est: Test #2 Content Expenses of $1,200 must be accrued at the end of the period to measure income properly. Accrual accountigo Question 4 of 41 For situation c, complete the following: > dentify the accounting assumption, criteria, or objective that gives the most direction on how to account for each of the following situations: The owner of a business desires monthly financial statements to measure the financial progress of the entity on an ongoing basis. . Expenses of $1,200 must be accrued at the end of the period to measure income properly. A customer states her intention to switch travel agencies. Should the new travel agency record revenue based on this intention? Give the reason for your answer. . Expenses of the period total $5,700. This amount should be subtracted from revenue to compute the period's net income. CELT MacBook Ale P Test #2 For each situation, select the accounting concept or principle that gives the most direction on how to account for that situation. If there is only one concept or principle, select an ans weaving the second row blank, The owner of a business desires monthly financial statements to measure the financial progress of the entity on an ongoing basis. Time-period assumption Expenses of the period total $5,700. This amount should be subtracted from revenue to compute the period's net income. Matching objective Vishakha Gupta This test: 105 point(s) possible This question: 4 point(s) possible A customer states her intention to switch travel agencies. Should the new travel agency record revenue based on this intention? Give the reason for your answer. Reliability principle Time Remaining: 02:45:01