Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting. To determine what is conceptual framework and why is it necessary.

Question

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Answer 1

Question

Chapter 2, Problem 1Q

To determine

Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting.

To determine what is conceptual framework and why is it necessary.

Expert Solution & Answer

Explanation of Solution

Reasons for conceptual framework in financial accounting:

(a) The conceptual framework helps IFRS to provide more useful standards for accounting the transactions.
(b) The theory base provides a path to take a quick decision during discrepancies.
(c) The understanding of the financial reports and statements becomes easy for the users.
(d) The standard creates a way to compare the statements of a competitor and also provides scope for future planning.

Conclusion

Thus, conceptual framework creates a common format or procedure in recording the transactions in the balance sheet.

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Answer 2

Question

Chapter 2, Problem 1Q

To determine

Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting.

To determine what is conceptual framework and why is it necessary.

Expert Solution & Answer

Explanation of Solution

Reasons for conceptual framework in financial accounting:

(a) The conceptual framework helps IFRS to provide more useful standards for accounting the transactions.
(b) The theory base provides a path to take a quick decision during discrepancies.
(c) The understanding of the financial reports and statements becomes easy for the users.
(d) The standard creates a way to compare the statements of a competitor and also provides scope for future planning.

Conclusion

Thus, conceptual framework creates a common format or procedure in recording the transactions in the balance sheet.

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04:51

Answer 3

Question

Chapter 2, Problem 1Q

To determine

Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting.

To determine what is conceptual framework and why is it necessary.

Expert Solution & Answer

Explanation of Solution

Reasons for conceptual framework in financial accounting:

(a) The conceptual framework helps IFRS to provide more useful standards for accounting the transactions.
(b) The theory base provides a path to take a quick decision during discrepancies.
(c) The understanding of the financial reports and statements becomes easy for the users.
(d) The standard creates a way to compare the statements of a competitor and also provides scope for future planning.

Conclusion

Thus, conceptual framework creates a common format or procedure in recording the transactions in the balance sheet.

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04:51

Answer 4

Question

Chapter 2, Problem 1Q

To determine

Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting.

To determine what is conceptual framework and why is it necessary.

Expert Solution & Answer

Explanation of Solution

Reasons for conceptual framework in financial accounting:

(a) The conceptual framework helps IFRS to provide more useful standards for accounting the transactions.
(b) The theory base provides a path to take a quick decision during discrepancies.
(c) The understanding of the financial reports and statements becomes easy for the users.
(d) The standard creates a way to compare the statements of a competitor and also provides scope for future planning.

Conclusion

Thus, conceptual framework creates a common format or procedure in recording the transactions in the balance sheet.

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04:51

Answer 5

Chapter 2, Problem 1Q

To determine

Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting.

To determine what is conceptual framework and why is it necessary.

Expert Solution & Answer

Explanation of Solution

Reasons for conceptual framework in financial accounting:

(a) The conceptual framework helps IFRS to provide more useful standards for accounting the transactions.
(b) The theory base provides a path to take a quick decision during discrepancies.
(c) The understanding of the financial reports and statements becomes easy for the users.
(d) The standard creates a way to compare the statements of a competitor and also provides scope for future planning.

Conclusion

Thus, conceptual framework creates a common format or procedure in recording the transactions in the balance sheet.

Answer 6

Chapter 2, Problem 1Q

To determine

Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting.

To determine what is conceptual framework and why is it necessary.

Expert Solution & Answer

Explanation of Solution

Reasons for conceptual framework in financial accounting:

(a) The conceptual framework helps IFRS to provide more useful standards for accounting the transactions.
(b) The theory base provides a path to take a quick decision during discrepancies.
(c) The understanding of the financial reports and statements becomes easy for the users.
(d) The standard creates a way to compare the statements of a competitor and also provides scope for future planning.

Conclusion

Thus, conceptual framework creates a common format or procedure in recording the transactions in the balance sheet.

Answer 7

Chapter 2, Problem 1Q

To determine

Conceptual framework: The theoretical structure which is created to support the real time situation in a standardized manner is termed conceptual framework. In other terms, conceptual framework is a logical presentation of interrelated objectives and the fundamentals that can lead to a standard procedure. The conceptual framework for financial accounting provides the nature, limitation, and functions of the financial accounting.

To determine what is conceptual framework and why is it necessary.

Answer 8

Expert Solution & Answer

Explanation of Solution

Reasons for conceptual framework in financial accounting:

(a) The conceptual framework helps IFRS to provide more useful standards for accounting the transactions.
(b) The theory base provides a path to take a quick decision during discrepancies.
(c) The understanding of the financial reports and statements becomes easy for the users.
(d) The standard creates a way to compare the statements of a competitor and also provides scope for future planning.