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Essay / Research Paper Abstract
This 5-page paper discusses basic accounting terms including entity, cost, materiality and substance over form, then answers questions as to feasibility of these concepts to firms. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTffacan.rtf
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Unformatted sample text from the term paper:
the student, well answer them with the appropriate research. 1. Identify and explain the following accounting concepts: entity, money measurement, cost, realization, substance over form, and materiality.
The following definitions come from venturline.com. An entity, in business, is considered a self-contained existence that provides goods or services. An entity can be an
independent business or a wholly owned subsidiary, just so long as it is responsible for its own accounting. Certain franchises can also be considered entities (especially the business groups that
own many franchises). Meanwhile, entity assumption assumes that financial statements are prepared for an entity that are separate from that entitys owners.
Money measurement is a rule that notes that all business transactions need to be expressed in monetary terms. If it cant be measured in monetary terms, then it isnt included
in the books. This is also called "money measurement concept." Cost is pretty basic - its the amount of money paid to
take ownership of a good or service. This, in accounting, is defined as an expense or purchase price. The realization principle states
that revenues are recognized at the time goods are sold and/or services are rendered. Materiality, or the materiality principle means accountants are
required to use generally accepted accounting principles (GAAP) except in cases during which such principles would be expensive or difficult to implement. In addition, a GAAP rule can be ignored,
as long as net income of a company isnt significantly impacted (nor financial statements impaired or compromised). Finally substance over form is
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