Examlex
When a 45-kg person steps on a scale in an elevator,the scale reads a steady 410 N.Which of the following statements must be true? (There could be more than one correct choice. )
GAAP
Generally Accepted Accounting Principles, a set of rules and guidelines that companies follow to ensure their financial statements are consistent and transparent.
Right of Return
A policy that allows customers to return purchased goods within a specific period for a refund, exchange, or credit.
Revenue Recognition
The accounting principle detailing the specific conditions under which revenue is recognized and recorded.
Reasonably Estimated
A concept that pertains to the feasibility of approximating a figure or amount in the absence of precise or complete information, often used in accrual accounting.
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