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10 cards from this deck
Generally Accepted Accounting Principles
Record assets at original purchase price
Remains at original cost despite market value changes
Be cautious when uncertain; conservative approach
Choose value least favourable to business's equity
Determines what info shown separately in financial statements
Business is separate unit from its owner
Business finances completely separate from owner's personal
Business will continue to operate for foreseeable future
Income and related expenses recorded in same accounting period
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