Question: Items not easily quantified in dollar terms are not reported in the financial statements. Accounting information must be complete, neutral, and free from error. Personal

Items not easily quantified in dollar terms are not reported in the financial statements.
Accounting information must be complete, neutral, and free from error.
Personal transactions are not mixed with the company's transactions.
The cost to provide information should be weighed against the benefit that users will
gain from having the information available.
Consistency
A company's use of the same accounting principles from year to year.
Assumes a business will remain in operation for the foreseeable future.
Different companies use the same accounting principles.
Items not easily quantified in dollar terms are not reported in

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