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State the qualitative characteristic, accounting assumption, principle, or constraint that is most applicable in the following cases.
1. All payments less than $25 are expensed as incurred. Monetary unit assumption
2. The company employs the same inventory valuation method from period to period. Consistency quality
3. A patent is capitalized and amortized over the periods benefited. Periodicity assumption
4. Assuming that dollars today will buy as much as ten years ago. Monetary unit assumption
5. Rent paid in advance is recorded as prepaid rent. Expense recognition principle or going concern assumption
6. Financial statements are prepared each year. Economic entity assumption
7. All significant post-balance sheet events are reported. Materiality quality
8. Personal transactions of the proprietor are distinguished from business transactions.
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