State the most applicable accounting rule for each of the following situations.An accounting rule can be a principle,assumption,constraint,or information characteristic.
1.A $15 wastebasket was expensed when purchased even though it will be used for more than one year.
2.The owner of the business paid for private school tuition and did not list the amount on the books of his business.
3.Team Shirts prepares financial statements in the same manner each year.
4.South Sea's financial statements are prepared within the first week after the close of each accounting period.
5.An external auditor found receipts documenting the purchase of a computerized information system for Team Shirts.

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The Answer of State the most applicable accounting rule for each of the following situations.An accounting rule can be a principle,assumption,constraint,or information characteristic.
1.A $15 wastebasket was expensed when purchased even though it will be used for more than one year.
2.The owner of the business paid for private school tuition and did not list the amount on the books of his business.
3.Team Shirts prepares financial statements in the same manner each year.
4.South Sea's financial statements are prepared within the first week after the close of each accounting period.
5.An external auditor found receipts documenting the purchase of a computerized information system for Team Shirts.

State the Most Applicable Accounting Rule for Each of the Following