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1. QuestionAccountants downplay the economic concept of profit and employ a more objective ____________ in computing net income.CORRECT2. QuestionThe ____________ is paramount to income measurement, and holds that an organization’s life can be divided into discrete measurement intervals.INCORRECT3. QuestionAn accounting year that covers a period of time other than January 1 through December 31 is typically referred to as a ____________ year.4. QuestionAccrual basis revenue is generally recognized at the time services are ____________ or when goods are ____________ and ____________ to a customer.
deliveredCORRECT5. QuestionThe ____________ holds that expenses should be recorded in the same time period as the revenues they helped to produce.INCORRECT6. Question____________ are goods and services purchased for future consumption and paid for in advance.CORRECT7. QuestionThe Accumulated Depreciation account is termed a ____________ asset.