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Select the best principle or assumption. Usually created by a pronouncement from an authoritative body. Financial statements reflect the assumption that the business continues operating.

image text in transcribed Select the best principle or assumption. Usually created by a pronouncement from an authoritative body. Financial statements reflect the assumption that the business continues operating. Every business is accounted for separately from its owner or owners. Revenue is recognized when earned. Information is based on actual costs incurred in transactions. A company records the expenses incurred to generate the revenues reported. A company reports details behind financial statements that would impact users' decisions

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