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Q1. The American Financial Accounting Standards Board issued Standard 5, which provides for recognition and measurement in the financial statements of business establishments. What is

Q1. The American Financial Accounting Standards Board issued Standard 5, which provides for recognition and measurement in the financial statements of business establishments. What is required a detailed explanation of the accounting assumptions and principles in the financial statements? Explain the accounting foundations on which the accounting profession is based, and what are the differences between these foundations?

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