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Monetary Unit Assumption
An accounting principle that assumes transactions can be recorded in a stable currency that is the most relevant to the company.
Unit Of Measure
A standard quantity used to express an amount of a physical property, financial item, or activity, facilitating comparisons and calculations.
Economic Entity Assumption
An accounting principle that separates the transactions of a business from those of its owners or other businesses.
Cost Principle
The accounting principle that states goods and services should be recorded at their cost at the time of acquisition.
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