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Accounting Principles Questions With 100% Verified Answers | UPDATED The materiality principle - ANSWER states that you are allowed to ignore an accounting standard if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.

Accounting Principles with 100% correct answers 2023 Accounting - answer-The information system that identifies, records, and communicates the economic events of an organization to a wide variety of interested users. Accounting Equation - answer-Assets = Liabilities + Owner's Equity Accounting Transaction - answer-An economic event that is recorded in the accounting records because it changed the assets, liabilities, or owner's equity items of the organization.