Principles- Versus Rules-Based Aproaches

question 61

Essay

Principles- versus rules-based aproaches
Explain the difference between the principles- versus rules-based approaches regarding GAAP.

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Definitions:

Smartphones

Mobile phones with advanced computing capabilities, including internet access, apps, and often a touch-screen interface.

Operating Systems

This is a system that controls computer hardware, administers software resources, and delivers universal services to computer applications.

Fuel-Injection

A system for introducing fuel into internal combustion engines, using an injector for more efficient fuel delivery and engine performance.

Car Engine

A machine designed to convert various forms of energy into mechanical force and motion, powering automobiles.