It is an organization or section of an organization that stands apart from other organization and individuals as seperate economic unit.

accounting

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Mathematics
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University
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Medium
Tsu Kaisen
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31 questions
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1.
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1 min • 1 pt
2.
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This concepts allows the user to obtain timely information to serve as a basis on making decisioins about future activities.
3.
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It allows accountants to add and subtract peso amounts as through each peso has the same purchasing power as any other peso at any time.
4.
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It is based on information that flows from activities documented by objective evidence.
5.
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It states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.
6.
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Revenue is to be recognized in the accounting period when goods are delivered or services are rendered or performed.
7.
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expense should be recognized in the accounting period which goods and services are used up to produce revenue and not when entity pays for those goods and services.
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