Question: 5. Generally Accepted Accounting Principles, GAAP, allows for flexibility in reporting, (p. 11) 6. Recording business costs in terms of hours required to complete projects

5. Generally Accepted Accounting Principles, GAAP, allows for flexibility in reporting, (p. 11) 6. Recording business costs in terms of hours required to complete projects is an application of the unit of measurement concept. (p. 11 ) 7. Assets such as cash and supplies have value because they can be used to acquire other assets or be used to operate a business. (p. 13)

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