REALIZATION PRINCIPLE Definition

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REALIZATION PRINCIPLE is that revenue should be recognized at the time goods is sold and services are rendered.

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CONTINUING ACCOUNTING SIGNIFICANCE means matters normally included in the permanent audit documentation, such as the analysis of balance sheet accounts, and those relating to contingencies. Such information from a prior year is used by the auditor in the current year's audit and is updated each year.

LIP ACCOUNT see LOAN-IN-PROCESS ACCOUNT.

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