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A list of accounting concepts follows: 1. Revenue recognition 2. Matching 3. Full disclosure 4. Historical cost 5. Expense recognition 6. Realizable value Match these
A list of accounting concepts follows: 1. Revenue recognition 2. Matching 3. Full disclosure 4. Historical cost 5. Expense recognition 6. Realizable value Match these concepts to the following statements. (a) Hirjikaka Company reports information about pending lawsuits in the notes to its financial statements. (b) Sudin Company reduces prepaid insurance to reflect the insurance that has expired. (c) Joss Company records revenue when its performance obligation is satisfied. (d) Law Company records revenue as completes services for its clients, not when the client pays cash. (e) Hilal Company reports its land at the price it paid for it, not at what it is now worth. (f) Rich Company reports inventory at the lower of cost and the estimated selling price less costs needed to make the sale. (9) Nickel Company depreciates its mining equipment using the units-of-production method. By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor
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