Accounting principles or assumptions are used in recording business transactions and their values. Accounting principles provide a way of recording a transaction and accounting assumptions provide the fundamental background to record transactions and events. To indicate: The two main categories of accounting principles.

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Chapter 1, Problem 19DQ

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Accounting principles or assumptions are used in recording business transactions and their values. Accounting principles provide a way of recording a transaction and accounting assumptions provide the fundamental background to record transactions and events.

To indicate: The two main categories of accounting principles.

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