The primary reasons for developing a conceptual framework is:
A) To enable regulators to develop accounting standards that are consistent and logically formulated
B) To provide guidance to accountants in areas where no standard exists
C) To reduce the number of accounting standards needed
D) To assist auditors
Correct Answer:
Verified
Q14: According to the Conceptual Framework information that
Q15: GAAP stands for:
A)Government Accepted Accounting Principles
B)Generally Accepted
Q16: The statement concerning the Urgent Issues Group
Q17: The Conceptual Framework states that an important
Q18: Which of these is a fundamental purpose
Q20: Under SAC 1,which entity is the least
Q21: In 2000 the Australian government established the
Q22: The capital maintenance concept underlying the traditional
Q23: Under the Conceptual Framework the constraints to
Q60: Which of these is not a characteristic
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