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On December 1, 2022, ABC, Inc. signed a loan for $100,000 with a stated interest rate of 8%. The loan pays interest monthly on
On December 1, 2022, ABC, Inc. signed a loan for $100,000 with a stated interest rate of 8%. The loan pays interest monthly on the 1st of each month, beginning January 1, 2023. As of the closing date, December 31, 2022, no adjustment related to the loan has been recorded because no payment has yet been made. Indicate which accounting principle was violated in this case. a Principle of full disclosure of information (full disclosure principle) b. Revenue recognition principle c. Expense recognition principle d. Measurement principle
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