Having a Conceptual Framework of Accounting Ensures That Standards and Practices

question 9

True/False

Having a conceptual framework of accounting ensures that standards and practices are clear and consistent.

---

Definitions:

Stop Payment Order

A request made to a financial institution to cancel the payment or processing of a check or payment transaction before it has been completed.

90 Days

A period of time consisting of exactly ninety days, often used in reference to deadlines or waiting periods.

Federal Reserve

The central banking system of the United States, responsible for monetary policy, regulating banks, and ensuring financial system stability.

Stop Payment

An order given to a bank to not pay out on a check that has been issued but not yet cashed.