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CFI FMVA 6 EXAM 2025 QUESTIONS AND ANSWERS Accounting Principles and Standards - ....ANSWER ...- Which of the following best describes accounting principles in general? ....ANSWER ...-They outline the fundamental rules and concepts and establish the framework on which detailed accounting standards are based. A sound accounting framework allows for all of the following benefits except: ....ANSWER ...-Identical items being reported on the financial statements of different companies 3. - ....ANSWER ...-Conservatism principle:: It provides guidance on how to record transactions when there is uncertainty. Historical Cost:It states that assets and liabilities are recorded on the financial statements at the cost at which they were acquired or assumed. Objectivity; It states that financial statements must be free from bias and based on verifiable evidence. Economic Entity: It states that transactions carried out by a business are separated from those conducted by its owner. Matching:It states that the expenses of a business should be recorded in the periods in which the corresponding revenues are earned. …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1