When preparing financial statements,the accountant assumes that the business will continue to operate for at least 5 years,unless there is evidence to the contrary.
Correct Answer:
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Q1: Net income results when expenses exceed revenues.
Q3: When there is no direct connection between
Q4: In applying the matching rule,revenue recognition should
Q5: A company's fiscal year need not correspond
Q6: Revenue is produced when accounts receivable are
Q7: The matching rule is most closely related
Q8: The continuity assumption states that the business
Q9: Assets are converted to revenues as they
Q10: The primary purpose of an expense is
Q11: Direct cause-and-effect relationships between revenues and costs
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