Question

Indicate whether the following statements about the conceptual framework are true or false. (a) Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements. select an option (b) General-purpose financial reports are most useful to company insiders in making strategic business decisions. select an option (c) Accounting standards based on personal conceptual frameworks generally will result in consistent and comparable accounting reports. select an option (d) Capital providers are the only users who benefit from general-purpose financial reporting. select an option (e) Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company. select an option (f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result.

Answer 1

Step-by-step explanation:

(a) Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements. select an option (TRUE)

This is true be

(b) General-purpose financial reports are most useful to company insiders in making strategic business decisions. select an option (FALSE)

This is false because General-purpose financial reports are most useful to investors as well as shareholders. And it let us financial information about a particular business.

(c) Accounting standards based on personal conceptual frameworks generally will result in consistent and comparable accounting reports. select an option(FALSE)

This is false because Accounting standards based on personal conceptual frameworks will have a diverse report, that cannot be compared.

(d) Capital providers are the only users who benefit from general-purpose financial reporting. select an option (FALSE)

(e) Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company. select an option(FALSE)

(f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result.(TRUE)