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final
concepts
7
Accounting
Undergraduate 2
12/09/2008
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Term
cost principle
 Definition
things should be recorded for what youpayed for them
Term
Relability principle
 Definition
record transactions at amounts that can be verified.
Term
consistincey principle
 Definition
use the same method of journalization through out
Term
entity concept
 Definition
keep personal transactions seperate form business transactions
Term
going concern
 Definition
assumed that the business will stay in business
Term
revunue recognition
 Definition
recognize revunue when earned
Term
matching principle
 Definition
math expenses used to create the revenue
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