Identify the accounting principle or assumption that best reflects each situation. Situation 1. A company reports details behind financial statements that would impact users' decisions. 2. A business is accounted for separately from other business entities and its owner. 3. Revenue is recognized when goods or services are provided to customers. 4. Accounting information is based on actual cost. 5. Financial statements reflect the assumption that the business continues operating. 6. A company records the expenses incurred to generate the revenues reported. Principle or Assumption