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Where was Thales from?
Representational Faithfulness
A concept in accounting that assets and transactions are recorded and reported in a manner that accurately reflects economic reality.
Accounting Measurements
The process of quantifying financial information in dollars or units to report financial position and performance.
Revenue Recognition
The accounting principle that deals with the conditions under which revenue is recognized and recorded on the financial statements.
Installment Method
An accounting method used to recognize revenue and expenses on long-term contracts and other sales where payment is received in installments.
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