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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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