Which of the following is NOT a purpose of the conceptual framework of accounting?
A) To provide definitions of key terms and fundamental concepts
B) To provide specific guidelines for resolving situations not covered by existing accounting standards
C) To assist accountants and others in selecting among alternative accounting and reporting methods
D) To assist the FASB in the standard-setting process

Question

Quizplus · Accepted Answer

The conceptual framework of accounting does not provide specific guidelines for resolving situations not covered by existing accounting standards. Instead, it provides a general framework of concepts and principles that guide the development of accounting standards.

Which of the Following Is NOT a Purpose of the Conceptual