Chapter 4- Accounting

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Economic Entity Assumption

Indicates that personal and business record-keeping should be separately maintained

Expense Recognition Principle

Requires recognition of expenses in the same period as related revenues

Monetary Unit Assumption

Assumes that the dollar is the measuring stick used to report on financial performance

Periodicity Assumption

Separates financial information into time periods for reporting purposes

Historical Cost Principle

Indicates that fair value changes subsequent to purchase are not record in the accounts


Requires that accounting standards be followed for all items of significant size

Full Disclosure Principle

Ensures that all relevant financial information is reported

Going Concern Assumption

Rationale for why plant asses are not reported at liquidation value

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