Question: Critique A Statement of Basic Accounting Postulates and Principles by a study group at the University of Illinois (it should be on reserve or otherwise

Critique A Statement of Basic Accounting Postulates and Principles by a study group at the University of Illinois (it should be on reserve or otherwise made available to you). Your critique should cover, but not be restricted to, the following points: How do the definitions of postulates, concepts, and principles differ?
Are the examples of postulates, principles, and concepts consistent with their definitions?
Does this set of postulates, principles, and concepts provide a legislative body with a useful framework for deriving operating rules?

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The Illinois Study Group did a study entitled A Statement of Basic Accounting Postulates and Principles which appeared in 1964 shortly after ARS 1 and ... View full answer

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