Two Main Accounting Principles Used in Accrual Accounting Are Matching

question 43

True/False

Two main accounting principles used in accrual accounting are matching and full closure.

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Definitions:

Adverse Possession

The legal acquisition of title to another's real property by continuous possession under certain conditions for a specified period of time.

Vacant Plot

An empty piece of land that has not been developed or built upon.

Fencing

The sport of fighting with swords, particularly foils, épées, or sabres, according to set rules; also refers to a barrier or structure serving as a boundary or means of protection.

Mowing

The process of cutting down grass or other vegetation to maintain land or lawn appearance and health.