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Match Each Pronouncement with Its Descriptive Statement by Placing the Appropriate

Question 40

Matching

Match each pronouncement with its descriptive statement by placing the appropriate letter in the space provided

Premises:
Establishes a theoretical foundation upon which to base financial accounting and reporting standards.
Provides clarification of conflicting or unclear issues relating to previously issued pronouncements.
FASB Q's and A's.
Establishes generally accepted accounting principles.
Provides guidance on accounting and reporting problems related to an underlying standard.
Responses:
Statements of Financial Accounting Standards
Interpretations
Technical Bulletins
Statements of Financial Accounting Concepts
Guide for Implementation

Correct Answer:

Establishes a theoretical foundation upon which to base financial accounting and reporting standards.
Provides clarification of conflicting or unclear issues relating to previously issued pronouncements.
FASB Q's and A's.
Establishes generally accepted accounting principles.
Provides guidance on accounting and reporting problems related to an underlying standard.
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