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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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What is the conceptual framework of accounting?

To determine

Conceptual Framework of Accounting

Conceptual Framework of Accounting focus on preparation of financial statements based on generally accepted accounting Principles, accounting standards and other basis assumptions, to provide useful information to the users of financial statements like investors, stockholders and creditors.

The Conceptual Framework of Accounting.

Explanation

The Conceptual framework of accounting focus on the preparation of financial statements with the application of generally accepted Accounting principles and accounting standards in such a way that these financial statements provide useful information to users of such statements. This will enable the users to take valuable decisions like to invest in the company to lend money, etc.

This conceptual framework helps in understanding the applicability of various accounting standards, assumptions and financial statements are prepared based on consistent accounting principles to make them useful for the various users for investment and credit decisions.

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