Consistent use of the same accounting principles and methods is necessary for meaningful analysis of trends within a company.
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Q28: Consistency in accounting means that a company
Q29: Unearned revenue is a prepayment that requires
Q30: The economic entity assumption states that economic
Q31: An adjusting entry requiring a credit to
Q32: The going concern assumption is that the
Q34: Accrued revenues are revenues that have been
Q35: If prepaid costs are initially recorded as
Q36: The adjusting entry at the end of
Q37: The monetary unit assumption states that transactions
Q38: Asset prepayments become expenses when they expire.
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