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P 1-2 Certain underlying considerations have had an important impact on the development of generally accepted accounting principles. Following is a list of these underlying
P 1-2 Certain underlying considerations have had an important impact on the development of generally accepted accounting principles. Following is a list of these underlying considerations, as well as a list of statements describing them.
a. Going concern or continuity | i. Industry practices |
b. Monetary unit | j. Verifiability |
c. Conservatism | k. Consistency |
d. Matching | l. Realization |
e. Full disclosure | m. Historical cost |
f. Materiality | n. Time period |
| o. Business entity |
| |
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