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Situation Principle or Assumption 1. Information is based on actual costs incurred in transactions....

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Accounting

Situation Principle or Assumption
1. Information is based on actual costs incurred in transactions.
2. Financial statement details that would impact decisions are often disclosed in the footnotes.
3. A company records the expenses incurred to generate the revenues reported.
4. The life of a company can be divided into time periods, and useful reports can be prepared for those periods.
5. Transactions and events are shown in monetary units.
6. Financial statements reflect the assumption that the business continues operating.

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