Although the FASB has developed a conceptual framework, no Statements of Financial Accounting Concepts have been issued to date.
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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
Q13: The first level of the conceptual framework
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
Q19: A soundly developed conceptual framework enables the
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