Final answer:
The Conceptual Frameworks Underlying Financial Accounting are also known as Financial Reporting Frameworks. Examples include International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). These frameworks provide principles and guidelines for preparing financial statements.
Step-by-step explanation:
The Conceptual Frameworks Underlying Financial Accounting are also known as Financial Reporting Frameworks. These frameworks provide a set of principles and guidelines for preparing and presenting financial statements in accordance with generally accepted accounting principles (GAAP).
An example of a conceptual framework is the International Financial Reporting Standards (IFRS), which is used by companies in many countries outside of the United States. Another example is the Generally Accepted Accounting Principles (GAAP), which is used by companies in the United States.
These frameworks help ensure that financial information is prepared and presented consistently, allowing users of financial statements to make informed decisions.