According to the FASB's Conceptual Framework,the Process of Reporting an Item

question 62

Multiple Choice

According to the FASB's conceptual framework,the process of reporting an item in the financial statements of an entity is

• A) realization.
• B) recognition.
• C) matching.
• D) allocation.

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Definitions:

Psychological Needs

Basic human motivators related to mental health and well-being, such as belongingness, esteem, and self-actualization.

Esteem Needs

According to Maslow's hierarchy of needs, these are the fourth level of human needs, focusing on the desire for respect, self-esteem, and recognition from others.

Security Needs

Basic human requirements for safety and protection, as identified in Maslow's hierarchy of needs.

Physiological Needs

Basic physical requirements for human survival, such as food, water, and shelter, which are fundamental for the hierarchy of needs.