The conceptual framework of accounting begins with
A) qualitative characteristics.
B) the going concern assumption.
C) elements of financial statements.
D) the objective of financing reporting.

Question

Quizplus · Accepted Answer

The conceptual framework of accounting starts with the objective of financial reporting, which is to provide useful information to the users of financial statements to make economic decisions. The qualitative characteristics, elements of financial statements, and the going concern assumption are all part of the conceptual framework, but they are not the starting point.

The Conceptual Framework of Accounting Begins with