Hello, Can you quickly help me which Accounting principles in these 4 sentences 1. Recording...
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Accounting
Hello, Can you quickly help me which Accounting principles in these 4 sentences
1. Recording Goodwill at the time of purchasing another entity.
2. Recording Warranty expense, for a 2 year warranty product, in the year the products are sold.
3. This is the underlying principle for the use of Accrual accounting and historical cost.
4. The company decides not to record a large lawsuit Loss on the Income Statement and a Liability on the Balance Sheet although the lawyers feel they will lose the case (Which principles being violated)
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