angiemxo4981 angiemxo4981
  • 16-01-2024
  • Business
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Explain the accounting entity principle, one of the accounting conventions followed by accountants and bookkeepers in the industry.
a) Transactions are recorded at historical cost.
b) Business and personal transactions should be kept separate.
c) Revenue should be recognized when earned, not when received.
d) Financial statements must be prepared quarterly.

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