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Anna35 [415]
3 years ago
10

Identify the basic assumption or broad accounting principle that was violated in each of the following situations.

Business
1 answer:
andrezito [222]3 years ago
6 0

Answer:

1) expense recognition principle: expenses are recognized when they are consumed.

2) historical cost principle: a company must record its assets, liabilities, and equity investments at their original costs.

3) economic entity principle: the company's transactions should be kept separate from those of its owners or upper management.

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