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2. Which of the following statements best defines the transactional approach? A: The transactional approach is justified by the qualitative characteristic of relevance. B: The

2. Which of the following statements best defines the transactional approach? A: The transactional approach is justified by the qualitative characteristic of relevance. B: The transactional approach is conceptually identical to the capital maintenance concept. C: Under the transactional approach, assets and liabilities are generally valued at the historical cost. D: The transactional approach follows the accrual basis of accounting

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