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Accounting divides the economic life of a business into time periods because O increased volume makes it more difficult to process data if it is not divided into periods. O it is necessary to measure whether there is net income or loss. income tax regulations require that corporations file an income tax return every calendar year, O users of accounting information require financial information on a regular basis. Revenue is recognized under the IFRS when the company satisfies the performance obligation. Which of the following is one of the five-step performance obligation model? O Determine the transaction price O Money collection O Services have been provided O Products have been shipped Some costs are not expensed but are allocated (depreciated over a number of years. This is because accounting standards require some assets to be carried at replaceable value. O the cost of the service or benefit should be associated as best as is possible, with the accounting period and revenue to which it relates. O some assets are consumed more slowly than others. O management wants to minimize income taxes. Adjusting entries are needed to O prepare an accurate statement of assets and equities. ensure revenues and expenses are recorded when the cash is received or paid. O restate assets and liabilities to their current value. O ensure that revenue recognition and expense recognition guidelines are followed. ress On April 1, 2022, Lansing Corporation opened for business and paid $600 in insurance to cover the next 12 months. The corporation is preparing financial statements for the period ending December 31, 2022. What amount of insurance opense should be recognized for Lansing's first year of operations? O $0 O $150 O $600 O $450

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