Which of the following is not true regarding the FASB's conceptual framework?
A)It is supposed to embody a system of interrelated objectives.
B)It is an attempt to provide a metatheoretical structure for financial accounting.
C)It establishes generally accepted accounting principles.
D)It includes seven statements of financial accounting concepts.

Question

Quizplus · Accepted Answer

The FASB's conceptual framework is not meant to establish generally accepted accounting principles (GAAP); rather, it provides a framework for developing and revising GAAP. The other options are true regarding the conceptual framework.

Which of the Following Is Not True Regarding the FASB's