identifying accounting principles and assumptions(verified for accuracy).
usually created by a pronouncement from an authoritative body E. Specific accounting principle financial statements reflect the assumption that the business generally accepted accounting practices G. Going-concern assumption Derived from long used and generally accepted accounting practices A. General accounting principle Every business is accounted for separately from its owners or owner C. Business entity assumption Revenue is recorded only when the earnings process is complete D. Revenue recognition principle Information is based on actual costs incurred in transactions B. Cost principle A company reports details behind financial statements that would impact users decisions F. Full disclosure principle A company records the expenses incurred to generate the revenues reported H. Matching principle
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- Minnesota School Of Business
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- Accounting Principles
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- October 5, 2023
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- 1
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- 2023/2024
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identifying accounting principles and assumptions
