The accounting projects portion of the FASB's conceptual framework project deals with
A)which accounting elements should be reported and how they should be measured
B)which accounting elements should be reported and where the information should be reported
C)how the accounting elements should be measured and how information should be displayed in financial reports
D)when accounting elements should be recognized and how information should be displayed in financial reports

Question

Quizplus · Accepted Answer

The accounting projects portion of the FASB's conceptual framework project is concerned with determining which accounting elements (assets, liabilities, equity, revenues, and expenses) should be reported in financial statements and how they should be measured. This is important because it sets the foundation for the development of accounting standards and guidelines. The other options (B, C, and D) are not entirely incorrect, but they are not the main focus of the accounting projects portion of the conceptual framework project.

The Accounting Projects Portion of the FASB's Conceptual Framework Project