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Instruction: Use the tabs above to navigate back and forth between sections. Match the following underlying concepts of to the business applications described below. (
Instruction: Use the tabs above to navigate back and forth between sections.
Match the following underlying concepts of to the business applications described below. (Hint: More than one answer may apply).
The company makes every effort to complete its financlal statements within one week after the end of the accounting period Comparability Management provides detailed information about the company's notes recelvable in the notes to the financial statements Verifiability A minor error is discovered after reports are distributed. The error is corrected in the following period rather than restating the financial statements Timeliness A company follows the policy of recognizing a loss on inventory when the market value of an item falls below its cost but does nothing if the market value rises Consistency When management chooses a single accounting method and follows that method from year to year. Full disclosure
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