Identify Three of the Five Main Points from This Chapter

question 26

Essay

Identify three of the five main points from this chapter.

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Definitions:

Revenues Recognized

Refers to the income that a company has earned and reported on its financial statements for a specific period, in accordance with accounting principles.

FASB Conceptual Framework

The Financial Accounting Standards Board (FASB) Conceptual Framework is a coherent system of interrelated objectives and fundamentals that is intended to lead to consistent standards.

Qualitative Characteristics

The attributes that make the information provided in financial statements useful to users, including relevance, understandability, reliability, and comparability.

Recognition And Measurement

The principles determining when and how economic events should be recognized in the financial statements and at what amounts they should be recorded.