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Revenue recognition principle Time period assumption A B Monetary unit assumption C Economic entity assumption Historic cost principle D the life of an entity

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Revenue recognition principle Time period assumption A B Monetary unit assumption C Economic entity assumption Historic cost principle D the life of an entity can be broken up into arbitrary time periods only transaction that can be expressed in money terms are included in the financial statements Activities of the entity must be kept separate from those of the owner revenues should be recognized in the period in which the preformance obligation is satisfied. E Assets should be recorded at the exchange price paid for them

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