Examlex
Water is flowing in a drainage channel of rectangular cross-section.The width of the channel is 15 m,the depth of water is 8.0 m,and the speed of the flow is 2.5 m/s.What is the mass flow rate of the water? The density of water is 1000 kg/m3.
Time Period Assumption
The accounting principle that allows the business operations to be divided into specific time periods such as months, quarters, or years for reporting purposes.
Accrual Basis Accounting
An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when the cash transaction actually takes place. This method provides a more accurate picture of a company's financial condition than cash basis accounting.
Expense Recognition
The accounting principle that expenses should be recorded in the period in which they are incurred, matching them with the revenues they help to generate.
Working Papers
Documents that auditors create to support an audit process, including detailed records and summaries of audit evidence.
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