Question: Identify whether the items below are characteristics of a principles-based (P) or rules-based (R) accounting system: R Provides a clear discussion of the accounting objective

Identify whether the items below are characteristics of a principles-based (P) or rules-based (R) accounting system: R Provides a clear discussion of the accounting objective related to the standard P Contains detailed application guidance R Contains numerous exceptions to the types of firms and industries that are covered R Involves no bright-line tests Contains numerous bright-line tests

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