Economie enthly amoumption Going concom asoumption Monetary unit assumption a Periodiclty assumption Historical cost principle 1 Revenue recognition principle 1. Stable-dollar assumption (do not use historical control) 2. The performance obligation is satisfied. 3. Numbers and descriptions match what really existed or happened 4. Yearly financial reports. 5. Accruals and deferrals in adjusting and closing process. (Do not use going co 6. Useful standard measuring unit for business transactions. 7. Notes as part of necessary information to a fair presentation. 8. Affairs of the business distinguished from those of its owners. 9. Company assumed to have a long life. __10. Valuing assets at amounts originally paid for them. _11. Application of the same accounting principles as in the preceding y 12. Summarizing significant accounting policies.

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