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Listed below are several terms and definitions associated with the FASB's conceptual framework. Required: Select the term that relates to each definition. parability Completeness Cost

Listed below are several terms and definitions associated with the FASB's conceptual framework. Required: Select the term that relates to each definition.

  • parability
  • Completeness
  • Cost effectiveness
  • Decision usefulness

Definitions Terms
a. Requires the consideration of the costs and value of information.
b. Recording transactions only for the company.
c. The indefinite life of a company can be broken into definite periods.
d. Accounting should be useful in making decisions.
e. Agreement between a measure and the phenomenon it represents.
f. Information arrives prior to the decision.
g. Information is related to the decision at hand.
h. Implies consensus among different measures.
i. Concerns the relative size of an item and its effect on decisions.

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