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FAR > Constraint and Present Value Results > Flashcards

Constraint and Present Value Results Flashcards

1
Q

What is the underlying concept governing the GAAP pertaining to recording gain contingencies?

A

Conservatism

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2
Q

According to the conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

A

Cost-benefit

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FAR (10 decks)

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