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Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business entity C. Conservatism D. Full disclosure E. Materiality F.
Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business entity C. Conservatism D. Full disclosure E. Materiality F. Continuity of the business unit G. Consistency H. Matching I. Unit of measurement J. Objective evidence 1. A restaurant records accrued wages at the end of the fiscal year because of the principle. 2. A hotel reduces its inventory values to reflect the market value of its food stocks, which are lower than the original cost, because of the principle. 3. A motel does not reduce the value of its glassware to liquidation value because of the principle. 4. The cost of ten replacement wastebaskets is expensed rather than recorded as equip- ment due to the principle. F. The method of depreciation used is reflected in the financial report because of the principle. When one method of inventory valuation is used at the end of 20x5 and another method is used at the end of 20X6, this violates the principle. The cost of steaks taken home by the owner for personal use is recorded as a "with- principle. drawal" because of the
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