What is conceptual framework in accounting? II. Discuss whether a conceptual framework is necessary. III. Outline the advantages and disadvantages of a conceptual framework. IV. Summarize the finance reporting af the chapter 1 - chapter 8 of the conceptual framework

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Acc 202 Finance reporting Tutorial A conceptual framework can be defined as a system of ideas and objectives that lead to the creation of a consistent set of rules and standards. Specifically in accounting, the rule and standards set the nature, function and limits of financial accounting and financial statements. Question I. What is conceptual framework in accounting? II. Discuss whether a conceptual framework is necessary. III. Outline the advantages and disadvantages of a conceptual framework. IV. Summarize the finance reporting af the chapter 1 - chapter 8 of the conceptual framework.
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