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Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or (c) constraint.

1. Business entity
2. Measurement
3. Cost-benefit
4. Revenue recognition

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Answer and Explanation:

The identification of the following terms as an accounting principle, assumption or constraint is

1 Business entity    = Assumption

2. Measurement  = Principle

3 Cost-benefit   = Constraint

4 Revenue recognition  = Principle

In this way the identification of the accounting terms would be done

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