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Terms of Accounting Guidance The terms below are associated with the FASB's Conceptual Framework and U . S . GAAP. A . Concepts B .
Terms of Accounting Guidance
The terms below are associated with the FASB's Conceptual Framework and US GAAP.
A Concepts
B Principles
C Standards
D Rules
Required:
Select each item with the statements that relate to it
Described and explained in the FASB's Concepts Statements
A Concepts
The authoritative guidance on how companies should account for and report spec. usactions, events, and arrangements in the financial statements
Specific implementation methods within standards used to measure and report a company's financial statements
Broad and definitional
Should be evaluated on whether they help practitioners implement GAAP in order to provide relevant and faithfully represented information
Provide guidance on when and how to recognize and measure elements in the financial statements
B Principles
Fundamental theories that serve as the foundation for financial accounting and financial reporting
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