The FASB conceptual framework is influenced by several underlying assumptions, although these assumptions are not...
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Accounting
The FASB conceptual framework is influenced by several underlying assumptions, although these assumptions are not addressed explicitly in the framework. These five basic assumptions are economic entity, going concern, armslength transactions, stable monetary unit, and accounting period. Which ONE of these assumptions is associated with the distorting effect on reported accounting numbers of business conducted between related parties?
The FASB conceptual framework is influenced by several underlying assumptions, although these assumptions are not addressed explicitly in the framework. These five basic assumptions are economic entity, going concern, armslength transactions, stable monetary unit, and accounting period. Which ONE of these assumptions is associated with the distorting effect on reported accounting numbers of business conducted between related parties?
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