Generally Accepted Accounting Principles Select the best answer to each of the following MBC) questions: 1. Accounting
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Generally Accepted Accounting Principles Select the best answer to each of the following MBC) questions:
1. Accounting rules are developed to provide:
a. Simplicity
b. Useful information
c. Complexity
d. Ability to change over time
2. The conceptual framework consists of each of the following except:
a. Financial reporting objectives
b. Financial statement elements
c. Ratio analysis guidelines for analysts
d. Recognition criteria for financial statement items
3. Which of the following is a financial statement element?
a. Income statement
b. Liabilities
c. Balance sheet
d. Statement of cash flows
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