The primary reason for developing a conceptual framework was to:
A) assist in the development of the accounting standards.
B) reduce the number of accounting standards needed.
C) provide an alternative view to the accounting standards.
D) enable regulators to develop accounting standards that are consistent and logically formulated.

Question

Quizplus · Accepted Answer

The primary purpose of developing a conceptual framework was to enable regulators to develop accounting standards that are consistent and logically formulated. The framework provides a foundation for developing accounting standards, which ensures that they are based on fundamental concepts and principles.

The Primary Reason for Developing a Conceptual Framework Was To