Ch 18 31, 32 - f. Consistency (Once a method of accounting...

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Dave Ulan Accounting I Chapter 18 HW 31. a. Entity (S.S. Company keeps personal assets and business assets separate) b. Going Concern (The president believes that the company will stay in business and doesn’t have to periodically prepare financial statements) c. Matching (Asset and expense are both recorded to balance the equation) d. Revenue Realization (Company recognizes revenue at a verbal agreement) e. Matching (Matches revenue with gained assets and losses with lost assets)
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Unformatted text preview: f. Consistency (Once a method of accounting is picked it is consistently used) g. Conservatism (The company records expenses in a conservative manner, giving a clear indication of their earnings) 32. a. Historical Cost b. Consistency, Full Disclosure c. Materiality d. Revenue Realization e. Consistency f. Objectivity g. Entity...
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This homework help was uploaded on 04/09/2008 for the course ACCT 042 taught by Professor Turlow during the Fall '07 term at Drake University .

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