Which of the following is not true regarding the discussion memorandum that preceded the conceptual framework?
A)It represented the end product of the FASB's deliberations related to the conceptual framework project.
B)The most important new issue brought up in the document was capital maintenance.
C)It brought up three views of financial accounting and financial statements.
D)It presented various definitions for basic accounting terms.

Question

Quizplus · Accepted Answer

The discussion memorandum did not represent the end product of the FASB's deliberations related to the conceptual framework project. It was a preliminary document that sought to gather feedback and input from interested parties before the FASB developed the final conceptual framework.

Which of the Following Is Not True Regarding the Discussion