What Is the Definition of a 'Conceptual Framework

question 13

Multiple Choice

What is the definition of a 'conceptual framework'?

• A) A conceptual framework is a set of prescriptions of what accounting should be.
• B) A conceptual framework is a structured positive theory of accounting.
• C) A conceptual framework is a coherent system of objectives and fundamentals that are expected to lead to consistent standards.
• D) A conceptual framework is a group of independent concepts on specific accounting issues, that are grouped together to provide a single reference.

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Definitions:

Principal

A principal can refer to the main party involved in a financial transaction or the original amount of a debt or investment before interest.

Wrongful Acts

Actions or behaviors that are illegal or immoral, leading to harm or injury against another person or entity.

Agent

An individual or entity authorized to act on behalf of another (the principal) in dealings with third parties.

Register

is to officially record or enroll something or someone's details in a formal list or database.