The conceptual framework assists with ________.
A)the development of a set of standards which provide absolute answers for accounting questions
B)the development of a set of standards for auditors to use when looking for material misstatements or fraud
C)the development of a set of standards which ensure that financial reports meet the needs of investors and creditors
D)All of the above

Question

Quizplus · Accepted Answer

The conceptual framework helps ensure that financial reports meet the needs of investors and creditors by providing a framework for the development of accounting standards. It does not provide absolute answers for accounting questions or standards for auditors to use when looking for material misstatements or fraud.

The Conceptual Framework Assists with ________