Accounting Concepts
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| Changes in financial information are reported for a specific period of time | Accounting Period Cycle
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| Financial statements contain all information necessary to understand a business' financial condition | Adequate Disclosure
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| Financial information is recorded and reported separately from the owner's personal financial information | Business Entity
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| The same accounting procedures must be followed in the same way in each accounting period | Consistent Reporting
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| Financial statements are prepared with the expectation that a business will remain in operation indefinitely | Going Concern
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| The actual amount paid for merchandise or other items bought is recorded | Historical Cost
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| The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period | Matching Expenses with Revenue
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| Business activities creating dollar amounts large enough to affect business decisions should be recorded and reported separately | Materiality
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| A source document is prepared for each transaction | Objective Evidence
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| Revenue is recorded at the time goods or services are sold | Realization of Revenue
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| Business transactions are reported in number that have common values--the dollar in the U.S. | Unit of Measurement
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