Solution-Which basic principle of accounting is best

Which basic principle of accounting is best

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Reference no: EM131103223

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 market value is greater.

Reference no: EM131103223

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Which basic principle of accounting is best

Reference no: EM131103223

Reference no: EM131103223

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