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The text suggests the Federalists might more accurately have been called the
Accounting Records
Documentation and books that keep track of the financial transactions, operations, and condition of a business.
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.
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