Why is a conceptual framework necessary in developing accounting standards and rules?
Question:
Why is a conceptual framework necessary in developing accounting standards and rules?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
The main reasons for developing an agreed conceptual framework are that it pro...View the full answer
Answered By
Aswan S
Mechanical engineer
Subject matter expert of Mathematics , Physics and engineering solutions
0.00
0 Reviews
10+ Question Solved
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Question Posted:
Students also viewed these Business questions
-
What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?
-
Why is a conceptual framework of accounting necessary and justifiable?
-
Why is it desirable to have a set of fundamental concepts to be used in developing accounting standards and rules?
-
Q-1 A motor car shaft consists of a steel tube 30 mm internal diameter and 4 mm thick. The engine develops 10 kW at 2000 r.p.m. Find the maximum shear stress in the tube when the power is transmitted...
-
Pennington Corporation issued 5-year, 8.6% bonds with a total face value of $700,000 on January 1, 2021, for $680,000. The bonds pay interest on June 30 and December 31 of each year. Required: 1....
-
Why not just use plain old t tests instead of multiple comparison procedures?
-
Bonsai Boards income statement data for the year ended December 31,2010, follow. Assume that the ending inventory was accidentally overstated by $3,300. What are the correct amounts for cost of goods...
-
Solar Energy Corp. has $4 million in earnings with four million shares outstanding. Investment bankers think the stock can justify a P/E ratio of 21. Assume the underwriting spread is 5 percent. What...
-
A communications system uses unipolar NRZ signals to transmit '1' and '0' bits: s 1 (t) = A, 0 < t < T, for a '1' bit and s 0 (t) = 0, 0 < t < T, for a '0' bit. The received signal is the transmitted...
-
New Wave Shelving's Inventory Manager would like to start using an ABC inventory classification system. The following table shows the annual inventory usage of all the 19 component items that the...
-
What are the two most important bodies or organizations involved in developing generally accepted accounting principles in the United States?
-
Gomez Company had a current ratio of 2.0 in 2018 and 2.2 in 2019. Does this signify an improvement or decline in Gomez Companys liquidity from 2018 to 2019?
-
Compare simple regression to multiple regression. When would you use simple regression? When would you use multiple regression?
-
What are three types of choices in which nudges are useful?
-
Give an example of a recent purchase for which you used a rule of thumb in your decision-making process. Did your decision follow the principle of rational choice? Explain.
-
What is the primary task of a mechanism design economist?
-
Why might an economist propose a policy that has little chance of adoption?
-
Although the share of Americans who say they are very happy hasnt changed much in the last five decades, the number of products produced and consumed per person has risen tremendously. How can this...
-
Determine whether the following statements are true and give an explanation or counterexample. a. A quantity that increases at 6%/yr obeys the growth function y(t) = y0e 0.06t . b. If a quantity...
-
Find an equation of the given line. Slope is -2; x-intercept is -2
-
Office Plus is a retail business that sells office equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for September are shown on the next page. The general...
-
Mountain Ski Shop is a retail store that sells ski equipment and clothing. The firm's credit purchases and purchases returns and allowances during May 2016 follow, along with the general ledger...
-
This problem is a continuation of Problem 8.1B. INSTRUCTIONS 1. Set up an accounts payable subsidiary ledger for Mountain Ski Shop. Open an account for each of the creditors listed below and enter...
-
The United Auto Workers ( UAW ) and Ford Motor Company were negotiating a new agreement to address industry issues during a severe economic downturn. Ford offered to consider delaying layoffs if the...
-
An important step in the event tourism strategy process is 'Strategy Development'. Discuss the three (3) main strategic options for a destination to develop its event portfolio and the conditions...
-
IKEA is a multinational corporation with a proven track record of listening to stakeholders in ways that improve relationships and the bottom line. Conduct your own research on IKEA and develop a...
Study smarter with the SolutionInn App