Which of the following is not correct about the conceptual framework in accounting?
A)It is the basis for standard-setting for accounting standard setting bodies.
B)It is based on fundamental accounting truths derived from the laws of nature.
C)It can be used to solve emerging or complex accounting problems.
D)It can be used to develop consistent and comparable accounting principles.

Question

Quizplus · Accepted Answer

The conceptual framework in accounting is not based on fundamental accounting truths derived from the laws of nature. Instead, it is based on fundamental accounting concepts and principles that have been developed over time through the consensus of the accounting profession.

Which of the Following Is Not Correct About the Conceptual