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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