Acct 3366 accounting ch1 Study guides, Class notes & Summaries
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ACCT 3366 Accounting Ch1
- Exam (elaborations) • 5 pages • 2024
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ACCT 3366 Accounting Ch1 Expense recognition - correct answerrecord expenses in the period the related revenue is recognized Periodicity assumption - correct answerthe life of an enterprise can be divided into artificial time periods Historical cost principle - correct answerthe original transaction value upon acquisition Materiality - correct answerConcerns the relative size of an item and its effect on decisions revenue recognition - correct answercriteria usually satisfied fo...
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