Posted: September 16th, 2022

Book: phillips, f., libby, p., & libby, r. (2022).

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Book: Phillips, F., Libby, P., & Libby, R. (2022). Fundamentals of financial accounting. (7th
ed.). McGraw-Hill. Accounting is governed by 10 principles or assumptions which are often referred to as Generally Accepted Accounting Principles or GAAP (This was introduced in chapter 1). These principles or assumptions define the rules and guidelines that all businesses must follow. Chapter 1 introduced the Separate Entity Assumption, and the Unit of Measure Assumption.
Chapter 2 applies the Cost Principle to the Balance Sheet.
Choose one of the principles/assumptions introduced in Chapter 1 or 2 and
A) Describe why this principle/assumption is required. B) Give an example of an actual balance sheet transaction and
C) Explain the correct method of recording the transaction (with the principle/assumption) and what would/could happen if this principle was not required.

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