Question: differences between rules-based accounting standards and principles-based accounting standards . 1. Briefly explain the differences between rules-based and principles-based accounting standards. 2. What is your

differences between rules-based accounting standards and principles-based accounting standards.

1. Briefly explain the differences between rules-based and principles-based accounting standards.

2. What is your opinion on which would produce the most faithful financial statements?

3. Provide at least two reasons to back up your opinion

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