The conceptual framework of accounting helps to ensure that
A) users with no accounting or business knowledge will understand financial statements.
B) a rule will be in place for every possible situation.
C) there are consistent standards prescribing the nature, functions and limits of financial statements.
D) all countries have their own unique accounting standards.

Question

Quizplus · Accepted Answer

The conceptual framework of accounting provides a foundation for consistent standards that guide the preparation and presentation of financial statements, ensuring they are useful and reliable.

The Conceptual Framework of Accounting Helps to Ensure That