When preparing general purpose financial reports, the elements of GAAP should be applied in the following order:
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When preparing general purpose financial reports, the elements of GAAP should be applied in the following order:
(a) underlying concepts and principles, accounting standards, the Conceptual Framework.
(b) accounting standards, the Conceptual Framework, underlying concepts and principles.
(c) the Conceptual Framework, accounting standards, underlying concepts and principles.
(d) none of the above.
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Related Book For 
Financial Accounting Reporting, Analysis And Decision Making
ISBN: 9780730363279
6th Edition
Authors: Shirley Carlon
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