(Usefulness, Objective of Financial Reporting) Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position.(a) Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements.(b) General-purpose financial reports are most useful to company insiders in making strategic business decisions.(c) Accounting standards based on individual conceptual frameworks generally will result in consistent and comparable accounting reports.(d) Capital providers are the only users who benefit from general-purpose financial reporting.(e) Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company.(f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result.
(Usefulness, Objective of Financial Reporting) Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position.
(a) Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements.
(b) General-purpose financial reports are most useful to company insiders in making strategic business decisions.
(c) Accounting standards based on individual conceptual frameworks generally will result in consistent and comparable accounting reports.
(d) Capital providers are the only users who benefit from general-purpose financial reporting.
(e) Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company.
(f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result.
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