The purpose of the conceptual framework developed by the Financial Accounting Standards Board (FASB) is to guide?
A)alternative rule making decisions
B)enforcement decisions
C)academic research and study
D)Congressional decision-makers
E)standard setting decisions

Question

Quizplus · Accepted Answer

The conceptual framework developed by the FASB is meant to guide standard setting decisions in order to ensure consistency, relevance, and comparability in financial reporting. It provides a set of concepts and principles that serve as a foundation for the development of accounting standards.

The Purpose of the Conceptual Framework Developed by the Financial