A conceptual framework of accounting should
A) lead to uniformity of financial statements among companies within the same industry.
B) eliminate alternative accounting principles and methods.
C) guide the AICPA in developing generally accepted auditing standards.
D) define the basic objectives,terms,and concepts of accounting.

Question

Quizplus · Accepted Answer

A conceptual framework of accounting should define the basic objectives, terms, and concepts of accounting, providing a foundation for consistent and reliable financial reporting. It does not necessarily lead to uniformity of financial statements among companies within the same industry or eliminate alternative accounting principles and methods. While it can guide auditing standards, that is not its primary purpose.

A Conceptual Framework of Accounting Should