Question: Read and understand statements below are true or false. A rules - based accounting system is based on a conceptual framework. II . A principles

Read and understand statements below are true or false.
A rules-based accounting system is based on a conceptual framework.
II. A principles-based accounting system is less open to creative accounting abuses
than a rules-based system.
Read and understand the following characteristics: Relevance, Understandability,
Comparability and Reliability under IAS 8, Accounting Policies, Changes in Accounting
Estimates and Errors.
Read and understand statements below are true or false. A rules-based

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