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What Is a Predefined List of Values

question 53

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What is a predefined list of values?

Identify the origin and purpose of accounting standards codification.
Understand the influence of political considerations on accounting standard-setting in the U.S.
Distinguish between the economic performance approach and the commercial and tax law approach to financial reporting.
Recognize the significance of global convergence towards a single set of accounting standards.

Definitions:

Core Virtues

Fundamental qualities deemed to be universally positive and desirable, such as honesty, compassion, and courage, that guide ethical behavior.

Positive Psychology

An approach to psychology that emphasizes the study and promotion of positive aspects of human life, such as happiness and well-being.

Courage

The ability to confront fear, pain, danger, uncertainty, or intimidation.

Eastern Traditions

A term referring to the diverse cultural, religious, and philosophical practices originating in Asia, including Buddhism, Confucianism, and Hinduism.

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