Question: What is the conceptual framework of accounting
What is the conceptual framework of accounting?
Answer to relevant QuestionsIn order for a transaction to be recorded in a business' accounting records, the effects of the transaction must be faith fully represented. What is faithful representation, and why is it important? Do you agree with the statement that ''debits mean increase and credits mean decrease''? If not, what do debit and credit mean? What kinds of errors will a trial balance detect? What kinds of errors will not be detectable by a trial balance? Multiple-Choice Exercises 1. Which of the following is not a benefit derived from the conceptual framework? a. Supports the objective of providing information useful for making business and economic decisions. b. Provides a ...Presented below are the four assumptions and four principles used in measuring and reporting accounting information. Assumptions Principles a. Economic entity .......... e. Historical cost b. Continuity ...
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