Terms of Accounting Guidance

The terms below are associated with the FASB's Conceptual Framework and U$.$S$.$ GAAP.

A$.$ Concepts

B$.$ Principles

C$.$ Standards

D$.$ Rules

Required:

Select each item with the statement$($s$)$ 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