Ms Maple is an accounting cadet for one of the big accounting firms.She is a bit confused as to which of the following sources should be referred to first in dealing with an accounting issue.
A) industry practice
B) accounting standards
C) conceptual framework
D) auditing standards

Question

Quizplus · Accepted Answer

Accounting standards should be referred to first when dealing with an accounting issue. These standards provide the guidelines and principles that must be followed when preparing financial statements, making them the primary reference source for accounting matters.

Ms Maple Is an Accounting Cadet for One of the Big