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7. If an item is deemed to be immaterial, how should it be handled in the financial statements? Why? 8. The life of a business

7. If an item is deemed to be immaterial, how should it be handled in the financial statements? Why? 8. The life of a business is divided into time periods of essentially equal lengths of time. WHY? What assumptions are we making here? What has been the effect of the periodicity assumption on accounting practices

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