ACCOUNTING ENTITY ASSUMPTION states that a business is a separate legal entity from the owner. In the accounts the business' monetary transactions are recorded only.
BILL OF SALE is a written statement attesting to the transfer (sale) of goods, possessions, or a business to a buyer.
UNIT-OF-WORK-PERFORMED METHOD is where revenue and cost of sales are recorded as units of work are delivered. This is most suitable to production-type contracts where many units of a product are produced in a continuous process, e.g. automobile manufacture.
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