The conceptual framework of accounting helps to ensure that
A)users with no accounting or business knowledge will understand financial statements.
B)a rule will be in place for every possible situation.
C)there are consistent standards prescribing the nature, functions and limits of financial statements.
D)all countries have their own unique accounting standards.

Question

Quizplus · Accepted Answer

The conceptual framework of accounting is designed to ensure that there are consistent standards prescribing the nature, functions, and limits of financial statements. This framework provides a foundation for setting accounting standards and guides the development of future standards to ensure consistency and comparability across financial statements.

The Conceptual Framework of Accounting Helps to Ensure That