The Various Rules and Conventions That Have Evolved Over Time

question 69

Short Answer

The various rules and conventions that have evolved over time to guide the preparation of financial statements in the U.S. are called ____________________.

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Definitions:

Information Revolution

The recent social revolution made possible by the development of the microchip in the 1970s, which brought about vast improvements in the ability to manage information.

Postmodern

A movement or perspective characterized by skepticism towards grand narratives and ideologies, emphasizing relative truths and cultural pluralism.

Cultural Leveling

The process whereby distinct cultural differences among societies or groups become less distinct, leading to a more homogeneous global culture.

Incipient Social Movement

An emerging collective effort aimed at social change that is in its early stages of development and not yet fully established or widely recognized.