Examlex
A ________ is a direct reduction of taxes whereas a ________ reduces the taxable income before taxes.
Monetary Unit Assumption
An accounting principle stating that transactions and events can be expressed in monetary units for recording and reporting.
Presumption
An assumption made based on the general experience or probability without specific evidence or proof.
Time Period Assumption
The accounting principle that allows the life of a company to be divided into time periods, such as months or years, for reporting purposes.
Company Life
A conceptual term generally referring to the length of time a company has been in business or is expected to operate.
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