Term
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Definition
| Assumes that the entity will remain in operation long enough to use existing assets for their intended purpose. (not going out of business) |
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Definition
| Assets and services should be recorded at their actual historical cost. |
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Definition
| Any organization that stands apart as a separate unit. Each needs to state its own affairs. |
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Term
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Definition
| Accounting records are based on the most objective data available |
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Term
| Stable Monetary Unit Concept |
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Definition
| Assume that the dollar's purchasing power is stable. |
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Definition
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