Question: The terms below are associated with the FASB's Conceptual Framework and U . S . GAAP. A . Concepts B . Principles C . Standards

The terms below are associated with the FASB's Conceptual Framework and U.S. GAAP.
A. Concepts
B. Principles
C. Standards
D. Rules
Required:
Select each item with the statement(s) that relate to it.
1.Described and explained in the FASB's Concepts Statements
A. ConceptsB. PrinciplesC. StandardsD. Rules
2.The authoritative guidance on how companies should account for and report specific transactions, events, and arrangements in the financial statements
A. ConceptsB. PrinciplesC. StandardsD. Rules
3.Specific implementation methods within standards used to measure and report a company's financial statements
A. ConceptsB. PrinciplesC. StandardsD. Rules
4.Broad and definitional
A. ConceptsB. PrinciplesC. StandardsD. Rules
5.Should be evaluated on whether they help practitioners implement GAAP in order to provide relevant and faithfully represented information
A. ConceptsB. PrinciplesC. StandardsD. Rules
6.Provide guidance on when and how to recognize and measure elements in the financial statements
A. ConceptsB. PrinciplesC. StandardsD. Rules
7.Fundamental theories that serve as the foundation for financial accounting and financial reporting
A. ConceptsB. PrinciplesC. StandardsD. Rules

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