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28.Which of the following documents expressed the opinion that a choice among accounting valuation systems could not be made because of the diversity of users?a."Objectives of Financial Statements" (Trueblood Committee Report)b."Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises" (APB Statement 4)c."A Statement of Basic Accounting Theory" (ASOBAT)d."Statement of Accounting Theory and Theory Acceptance" (SATTA)ANSWER: DAccounting Theory: 8theditionPage 8 of 12
Chapter 6—THE SEARCH FOR OBJECTIVES29.The major objectives of financial statements are:30.The secondary objectives of financial statements are:ESSAY1.How did the definition of accounting change from the period before ASOBAT to the issuance of SATTA in 1977?