The first level of the conceptual framework identifies the recognition, measurement, and disclosure concepts used in establishing accounting standards.
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Q8: The historical cost principle would be of
Q9: The economic entity assumption means that economic
Q10: A conceptual framework is a coherent system
Q11: Revenues are recognized in the accounting period
Q12: Revenues, gains, and distributions to owners all
Q14: Although the FASB has developed a conceptual
Q15: Relevance and faithful representation are the two
Q16: Prudence or conservatism means when in doubt,
Q17: Comprehensive income includes all changes in equity
Q18: The idea of consistency does not mean
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