Who need to report consistently to decide if it is still beneficial to transact with the company.
Supplier
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banana
Go to last place!
Oops!
fairy
Take points!
5
10
15
20
25
gift
Win 10 points!
Okay!
baam
Lose 15 points!
Oops!
boom
Lose 50 points!
Oops!
rocket
Go to first place!
Okay!
shark
Other team loses 10 points!
Okay!
thief
Give points!
5
10
15
20
25
5
GAAP stands for?
Generally Accepted Accounting Principles
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5
This must be recorded in the accounting period in which they are incurred.
Expenses
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5
This is also called conservatism.
Prudence
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5
What is the "P" in _____ Financial Reporting Standards (PFRS)?
Philippine
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5
These are prepared under the Accruals Concept of accounting which requires that income and expense must be recognized in the accounting periods to which they relate rather than on cash basis.
Financial Statements
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5
Who needs to report consistently to decide if he or she will still keep his or her ownership interest in the company.
Owner
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5
____ are determined using professional judgement, study of historical data, and thorough research.