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Which of the following must be performed first in order to appropriately evaluate and manage a possible fracture?
GAAP Constraints
Limitations or guidelines in Generally Accepted Accounting Principles that direct the application of accounting procedures.
Timeliness
The provision of information to users quickly enough for it to influence their decisions, a crucial aspect in financial reporting.
Accounting Assumptions
Foundations that underlie the financial statements, such as the assumption that a company will continue to operate (going concern assumption).
Conventions
Established practices or agreed-upon methods in accounting that guide the preparation and presentation of financial statements.
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