A number of statements in relation to conceptual frameworks are provided below. Identify if they are true or false.

(a) Prior to 1970 there was no generally accepted theory of financial reporting.

(b) One of the many theories of accounting is the capitalist theory of accounting.

(c) The development of a generally accepted theory of accounting is necessary to improve the standard-setting process and consistency in accounting practice.

(d) A conceptual framework for accounting consists of a set of concepts defining the nature, purpose and content of general purpose financial reporting.

(e) Preparers of general purpose financial reports are bound by law to follow the Conceptual Framework.