How the FASB positions organizations for a successful and smooth transition to new standards.
State University of New York - Farmingdale State College
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Once a business transaction occurs, a sequence of activities begins to identify and analyze the transaction, make the journal entries, etc. Because this process repeats over transactions and accounting periods, it is referred to as the accounting cycle .
THE STABLE MEASURING ASSUMPTION One of the basic principles in accounting is “The Measuring Unit principle: