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Ch02 - Cannot be soo costly for reporters to issue Slide 23...

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Chapter 02 Slide 19 Time period – break up the units of time into consistent units Slide 20 Historical and Fair value are equal on the day you buy the equipment Historical cost is the more reliable Fair value is more volatile Fair value however is more relevant Slide 22 Revenue recognition is when revenue is realized Matching principle is when expenses recognized in the same period as the revenues Full Disclosure – full information that allows users to make reasonable decisions
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Unformatted text preview: Cannot be soo costly for reporters to issue Slide 23 Cost/Benefit – benefits cannot be difficult to quantify The costs are easier to quantify Materiality – ex. Legislation – does not have a material effect, but might effect on the way that your product is sold Slide 24 Conservatism – try not to mislead investors “When in doubt, choose the solution that will be the least likely to overstate assets and income.” Slide 26...
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