The Accounting Conceptual Framework Is What Kind of Theory

question 3

Multiple Choice

The accounting conceptual framework is what kind of theory?

• A)Positive.
• B)Abstract.
• C)Normative.
• D)Emergent.

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Definitions:

Checking Accounts

Bank accounts from which money can be withdrawn or transferred to others via checks, debit cards, or electronic methods.

Owner's Personal Expenses

Owner's personal expenses are costs that are not related to the business and are paid out of the owner's personal funds, not the business accounts.

Check Register

A record of checks written, deposits made, and balances in a checking account, maintained by the account holder.

New Transaction

An action that records a financial exchange or transfer that has recently occurred.