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Match the accounting principle on the left with the appropriate statement on the right. Entity assumption a. All relevant information must be presented in the
Match the accounting principle on the left with the appropriate statement on the right. Entity assumption a. All relevant information must be presented in the financial statements. Materiality b. X Corp. uses FIFO every year to value its inventory. Full disclosure c. Carefully make estimates to avoid overstating assets or net income. Consistency d. Sales are recorded when the product is provided, not when we get paid. Historical cost e. The business plans to continue indefinitely. Conservatism f. John's personal assets do not appear on his business' balance sheet. Going concern g. A $2 error in an account with a balance of $80,000 does not matter. Revenue recognition h. Assets are not adjusted to their current value
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