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Recognition and measurement in financial statements

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The FASB has issued SFAC No. 5, "Recognition and Measurement in Financial Statements of Business Enterprises." In general, this statement sets recognition criteria and guidance for what information should be incorporated into financial statements and when this information should be reported.

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According to SFAC No.5, five general categories of information should be provided by a full set of financial statements. Outline (list) and discuss these five categories of information.

Note: Support your statements with scholarly peer-reviewed and professional business peer-reviewed publications

Reference no: EM133205970

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