This must be recorded in the accounting period in which they are incurred.
Expenses
This is also called conservatism.
Prudence
What is the "P" in _____ Financial Reporting Standards (PFRS)?
Philippine
What does IFRS stand for?
International Financial Reporting Standards
Who needs to report consistently to decide if he or she will still keep his or her ownership interest in the company.
Owner
Who need to report consistently to decide if it is still beneficial to transact with the company.
Supplier
____ are determined using professional judgement, study of historical data, and thorough research.
Estimates
GAAP stands for?
Generally Accepted Accounting Principles
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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