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Which of the following is an assumption of fundamental accounting principles? Revenue is recognized only when the sale is virtually completed and the exchange value
Which of the following is an assumption of fundamental accounting principles? Revenue is recognized only when the sale is virtually completed and the exchange value for the goods or services can be reliably determined. Revenue on the income statement should match with the assets acquired to generate the revenue. Businesses will remain in operation only for a definite period. Accounting statements are based on current market prices or values, not on historical costs.
Which of the following is an assumption of fundamental accounting principles?
Revenue is recognized only when the sale is virtually completed and the exchange value for the goods or services can be
reliably determined.
Revenue on the income statement should match with the assets acquired to generate the revenue.
Businesses will remain in operation only for a definite period.
Accounting statements are based on current market prices or values, not on historical costs.
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