Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - Review and Practice - Brief Exercises - Page 64: BE2-10

Answer

(a) Revenue recognition (b) Expense recognition (c) Full disclosure (d) Measurement (historical cost)

Work Step by Step

Generally, the basic accounting principle grabs the most headlines and above all, it sets the parameters on how a company should present information pertaining the function of its financial statements.
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