Asked by Melissa Jordan on May 22, 2024
Verified
Which of the following statements is not true with regard to the benefits derived from the FASB's conceptual framework of accounting?
A) It serves as a guide in establishing standards for the FASB.
B) The Statements of Financial Accounting Concepts is the primary source of GAAP for accountants.
C) It establishes the objectives of financial reporting.
D) It enhances comparability between different companies' financial statements.
Conceptual Framework
A structure of principles and guidelines that supports the creation of accounting standards and helps in the preparation of financial reporting.
Financial Reporting
Crafting statements that unveil a business's financial health to those managing it, its investors, and regulatory bodies.
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting in the United States.
- Realize the comprehensive and individual goals of financial reporting in line with the FASB requirements.
Verified Answer
Learning Objectives
- Realize the comprehensive and individual goals of financial reporting in line with the FASB requirements.
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