Unformatted text preview: p) Conservatism q) Matching principle E2-6 a) Full disclosure says that revenues and cost of goods sold must be disclosed in the income statement. b) The equipment must be reported as an asset and the corresponding notes payable as a liability on the balance sheet. c) GAAP says that both the method used and basis for determining needs to also be reported . d) The change in the accounting principles need to be disclosed in the financial statements....
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- Spring '08
- Balance Sheet, Generally Accepted Accounting Principles, Tim Thyne, disclosure Matching principle, assumption Matching principle, disclosure Matching Economic