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3 Cards in this Set
- Front
- Back
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Revenue recognition convention |
Revenue is recorded when it is earned, not necessarily when cash changes hands |
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matching/expense principle |
Costs that generate revenue, must be recorded in the same accounting period as the revenue that they generated, not necessarily when they are paid for. |
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Time period concept |
Accounting takes place over specific time periods known as fiscal periods. The fiscal periods should be equal length when used to measure the financial progress of the business |
