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  • SFAS is an acronym for #291
  • Which book of account tell the assets and liability of nay business #292
  • FASB mission is … #293
  • «GAAP») consists of three important sets of rules: (1) the basic accounting principles and guidelines, (2) the detailed rules and standards issued by FASB and its predecessor the Accounting Principles Board (APB), and (3) the generally accepted industry practices. #294
  • APB was the entity replaced by … 1973 #295
  • GAAP has a reputation to standardize accounting practice across the world. #296
  • Basic Accounting Principles are #297
  • The principles that stipulate that Economic activity is measured in U.S. dollars, and only transactions that can be expressed in U.S. dollars are recorded. #298
  • … principles assumes that it is possible to report the complex and ongoing activities of a business in relatively short, distinct time intervals. #299
  • … principle assumes that a company will continue to exist long enough to carry out its objectives #300
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