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Minors under the age of 18 are not held liable for their intentional torts.
Going Concern Assumption
An accounting principle assuming that a company will continue in operation for the foreseeable future.
Monetary Unit Assumption
An accounting principle that assumes transactions can be recorded and expressed in a stable currency.
Economic Entity Assumption
An accounting principle that treats a company as a separate entity from its owners or other businesses, keeping its financial transactions distinct.
Revenue Recognition Principle
An accounting principle that dictates the specific conditions under which revenue is recognized or recorded.
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