Intangible assets are non-physical assets that provide economic benefits to a business. Unlike tangible assets such as…
Financial Accounting
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An onerous contract is a type of contract in which the costs of the contract exceed the…
The cost convention, also known as the historical cost principle, is an accounting principle that requires assets…
The realization convention is an accounting principle that dictates when revenue should be recognized in the financial…
The accrual convention, also known as the accrual basis of accounting, is a fundamental principle that requires…
“Substance over form” is an accounting principle that emphasizes the economic reality of transactions over their legal…
The conservatism convention is also known as the prudence principle. It dictates that when faced with uncertainty,…
The matching convention, also known as the matching principle, is a fundamental accounting principle that dictates that…