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Get EXAM #7 REVIEW

And methods from year to year within a company is called Consistency 2. The monetary unit assumption states that only transactions that can be measured in terms of money should be recorded in the accounting records. a. True b. False 3. The time period assumption states that the business will remain in operation for the foreseeable future. One-year reporting periods a. True b. False 4. What Assumption of accounting would require that you keep two sets of books & records in total, one for each co.

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