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Table 8-2
-Which star in Table 8-2 has the greatest diameter
Expense Recognition Principle
An accounting principle that expenses should be recognized and recorded at the time they are incurred, not necessarily when cash is paid.
Recognition Principle
An accounting concept dictating that revenue should be recognized in the income statement when it is realized or realizable and earned, not necessarily when cash is received.
Time Period Principle
An accounting principle stating that financial reporting should be done in regular intervals to ensure relevance and reliability.
Contra Account
An account used in an accounting system to offset a related account, commonly used to record depreciation, allowances, and discounts.
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