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Q. General principles of accounting?
Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants (AICPA) 2)the Financial Accounting Standards Board (FASB) 3)the Securities and Exchange Commission (SEC) 4)the American Accounting Association (AAA) and 5)the Financial Executives Institute (FEI) and 6)the Institute of Management Accounting (IMA). This section describes the following major principles:
- The Exchange-price or cost principle.
- The Revenue recognition principle.
-The Matching principle.
- The Gain and loss recognition principle.
- The Full disclosure principle.
most consrvatism way of lower cost method
Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit
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what is the BRS
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