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LO 3.1 Match the correct term with its definition. LO 3.1 Match...

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Accounting

LO 3.1 Match the correct term with its definition.
LO 3.1 Match the correct term with its defnition.
if uncertainty in a potential financial estimate, a company should err on the side of caution and report the most conservative amount
period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized
Conservatism q,
business must report any business
Revenue Recognition Principle activities that could affect what is reported on the financial statements
Expense Recognition Principle
also known as the historical cost principle, states that everything the
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