Components of a Conceptual Framework
    1. What are postulates?
    2. Discuss the characteristics of postulates.
    3. Discuss the basic accounting postulates of going concern, separate business entity, periodicity, and the monetary unit.
    4. How do basic postulates and broad principles differ?
    5. What is the revenue recognition principle?
    6. What is the expense recognition principle?
    7. Why is the historical cost principle used in accounting?
    8. Why is consistency important to the accounting process?
    9. What is meant by "objectivity" in accounting?
    10. What is the role of materiality in accounting?
    11. What is meant by conservatism?

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