RECOGNIZE or RECOGNITION Definition

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RECOGNIZE or RECOGNITION is the recording of a revenue or expense item in a given accounting period.

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CONSERVATISM PRINCIPLE provides that accounting for a business should be fair and reasonable. Accountants are required in their work to make evaluations and estimates, to deliver opinions, and to select procedures. They should do so in a way that neither overstates nor understates the affairs of the business or the results of operation.

CASH FLOW STATEMENT see STATEMENT OF CASH FLOWS.

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