AC 501 Unit 1 Homework Assignment
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E2-7 (Assumptions, Principles, and Constraints): Presented below are the assumptions, principles, and constraints used in this chapter.
Economic entity assumption 5.Historical-cost principle 9. Materiality
Going-concern assumption 6.Matching principle 10. Industry practices
Monetary unit assumption 7. Full disclosure principle 11. Conservatism
Periodicity assumption 8. Cost-benefit relationship
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