The tendency to recognize unfavorable items more quickly than favorable items is referred to as conservatism.
The historical cost principle requires companies to recognize assets at cost. Under the historical cost principle, an entity must still use historical cost in later periods. True or False: The primary body that sets accounting standards in the United States is the Financial Accounting Standards Board (FASB).
Fair value is a broad measure of an asset's value and is not the same as market value, which refers to the price of an asset in the market. In accounting, fair value refers to the estimated value of a company's assets and liabilities as reflected in the company's financial statements.
Assumptions underlying the discussion. Synonyms: statement, self-evident truth. Types: Assumptions, Assumptions, Conjectures. commonplace hypothesis.
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