Solution-Identify which basic principle of accounting

Identify which basic principle of accounting

Reference no: EM13513737

Identify which basic principle of accounting is best described in each item below.

(a) Norfolk Southern Corporation reports revenue in its income statement when it is earned instead of when the cash is collected.

(b) Yahoo, Inc. recognizes depreciation expense for a machine over the 2-year period during which that machine helps the company earn revenue.

(d) Eastman Kodak Company reports land on its balance sheet at the amount paid to acquire it, even though the estimated fair value is greater.

Reference no: EM13513737

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Identify which basic principle of accounting

Reference no: EM13513737

Reference no: EM13513737

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