Question-06: What is the fair value principle?Īnswer: The accounting principle that assets and liabilities (the price received to sell an asset or settle a liability) should be stated at fair value Question-05: What is the Economic Entity assumption?Īnswer: The assumption requires the separation of the activities of the entity and all the other economic entities from the activities of its owner. ![]() Question-04: What is the International Financial Reporting Standards (IFRS)?Īnswer: International standards for accounting set by the International Accounting Standards Board (IASB) ![]() Question-03: What are the generally accepted accounting principles (GAAP)?Īnswer: General principles that suggest how economic events should be reported. Question-02: What is the accounting Principle?Īnswer: The accounting principle refers to a number of basic or self-evident truths that are universally accepted in accounting.
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