A Conceptual Framework of Accounting Should

question 20

Multiple Choice

A conceptual framework of accounting should

• A) lead to uniformity of financial statements among companies within the same industry.
• B) eliminate alternative accounting principles and methods.
• C) guide the AICPA in developing generally accepted auditing standards.
• D) define the basic objectives,terms,and concepts of accounting.

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Definitions:

Legal Requirements

Legal requirements are obligations that individuals, organizations, or businesses must comply with according to laws and regulations.

Parent-Country Lawyers

Attorneys who are from and licensed to practice in the country where the corporation's headquarters are located, often involved in international legal affairs.

Masculine Cultures

Societies that value competitiveness, assertiveness, material success, and achievements more strongly compared to relationships and quality of life.

Harmonious Relationship

A state of compatibility and agreement in personal or professional relationships, fostering a peaceful and cooperative environment.