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BU127 (159)
Chapter 2

BU127 Chapter 2 Notes
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Department
Business
Course
BU127
Professor
James Moore
Semester
Fall

Description
BU127 Chapter 2 Notes Primary Objective of External Financial Reporting • Is to provide useful economic information about a business to help external  parties make sound financial decisions Separate­Entity Assumption • Business transactions are separate from the transactions of the owners Unit­of­Measure Assumption • Accounting information should be measured and reported in the national  monetary unit Continuity (Going­Concern) Assumption • Businesses are assumed to continue to operate into the foreseeable future Cost Principle • Assets should be recorded at the historical cash­equivalent cost, which is cash  paid plus the current monetary value of all non­cash considerations Consolidated Financials • Means the classified elements of the firms statements are combined with other  companies they control Short term (1 year or less) or L
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