Having a conceptual framework of accounting ensures that standards and practices are clear and consistent.

Name: Having a conceptual framework of accounting ensures that standards and practices are clear and consistent.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A conceptual framework provides a common set of concepts, principles, and objectives that underlie financial reporting. This ensures that accounting standards and practices are clear and consistent, facilitating transparency and comparability for users of financial statements.

Having a Conceptual Framework of Accounting Ensures That Standards and Practices