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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 7C
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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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