Identify which basic assumption of accounting

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Identify which basic assumption of accounting is best described in each item below: (a) The economic activities of UPS Corporation are divided into 12-month periods for the purposes of issuing financial statements. (b) Sunbeam Corporation does not adjust amounts in its financial statements for the effects of inflation. (c) CVS reports current and noncurrent classifications on its balance sheet. (d) The economic activities of Marriott International, Inc. and its subsidiaries are merged for accounting and reporting purposes. (e) American Airlines reports revenue in its income statement when it is earned instead of when the cash is collected. (f) Google, Inc. recognizes depreciation expense for a machine over the 5-year period during which that machine helps the company earn revenue. (g) MGM Grand reports land on its balance sheet at the amount paid to acquire it, even though the estimated fair value is greater.

Reference no: EM131217766

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