21. Accounting choices and estimates rarely have a significant impact : 1410638
21. Accounting choices and estimates rarely have a significant impact on financial statement numbers.
22. The accrual basis of accounting means that revenues are recognized when the sale is made rather than when cash is received.
23. United States accounting rules have been perceived as being less complex than international standards.
24. The matching principle requires that expenses be matched with the generation of revenues in order to determine net income for an accounting period.
25. Examples of discretionary items include repairs and maintenance, research and development and advertising.