In relation to the conceptual framework, SAC stands for:
A) sensible accounting constructs.
B) standard auditing controls.
C) statements of accounting concepts.
D) statements from accounting committees.

Question

Quizplus · Accepted Answer

SAC stands for Statements of Accounting Concepts, which forms part of the conceptual framework. It provides a basis for developing and revising accounting standards and guidelines.

In Relation to the Conceptual Framework, SAC Stands For