Identify the accounting assumption, principle, or constraint that describes each situation below.

Indicates that personal and business record keeping should be separately maintained.

Economic entity assumption

Allocates expenses to revenues in the proper period.

Expense recognition principle

Ensures that all relevant financial information is reported.

Full disclosure principle

Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.)

Going concern assumption

Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.)

Measurement principle (historical cost)

Assumes that the dollar is the "measuring stick" used to report on financial performance.

Monetary unit assumption

Separates financial information into time periods for reporting purposes.

Periodicity assumption