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Accounting Principles

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  • Multiple Choice
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    30 seconds
    1 pt

    Inventory is recorded at the lower of cost or net realizable value rather than the expected selling price. This ensures profit on the sale of inventory is only realized when the actual sale takes place.

    Going Concern

    Prudence Concept

    Materiality Concept

    History Cost

  • Multiple Choice
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    30 seconds
    1 pt

    The same accounting procedure must be followed in the same way in each accounting period.

    Consistency

    Materiality

    Objectivity

    Conservatism

  • Multiple Choice
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    30 seconds
    1 pt

    Financial statements contain all information necessary to understand a business's financial condition.

    Full Disclosure

    Periodicity

    Going Concern

    Objectivity

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