Question: Financial information must be comparable and consistent. If one accountant calls a particular item an Asset, the accountant must follow the set of rules known

Financial information must be comparable and consistent. If one accountant calls a particular item an Asset, the accountant must follow the set of rules known as Generally Accepted Accounting Principles to arrive at the definition of that Asset.

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1

point

Understandable Information

The Entity Concept

Relevant Information

Going Concern

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