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Indicate which underlying assumption or modifying constraint is most important: Walker Company issues each month a check to James Walker, the sole proprietor, for $10,000
Indicate which underlying assumption or modifying constraint is most important: Walker Company issues each month a check to James Walker, the sole proprietor, for $10,000 because he deems this a reasonable payment for the time he spends in the business. The amount paid is not charged to Salary Expense but to his Drawing account.
materiality | |
stable monetary unit | |
separate entity | |
periodicity of income |
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