The eight (8) statements making up the conceptual framework establish generally accepted accounting principles.

Name: The eight (8) statements making up the conceptual framework establish generally accepted accounting principles.
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The eight (8) statements making up the conceptual framework provide a foundation for developing future accounting standards, but they do not establish generally accepted accounting principles. The principles are established through the accounting standards-setting process.

The Eight (8) Statements Making Up the Conceptual Framework Establish