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There are some liabilities, such as income taxes payable and the estimated warranty liability, for which the amounts must be estimated so they can be
There are some liabilities, such as income taxes payable and the estimated warranty liability, for which the amounts must be estimated so they can be recorded in the same period as the related revenues. Failure to record these amounts in the same period as the related revenues is a violation of the limitation of materiality. expense recognition principle. concept of historical cost. going concern assumption
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