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Which statement is NOT true of the senses of taste and smell?
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board.
Accrual
The accounting principle of recording revenues and expenses when they are incurred, regardless of when cash transactions occur.
Contra Asset
A balance sheet account used to reduce the value of related asset accounts to report their net value; examples include accumulated depreciation or allowance for doubtful accounts.
Prepayment
Payments made in advance for goods or services, recorded as an asset on the balance sheet until the corresponding goods or services are received.
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