ACC 311 Theory Question: Conceptual Framework – Financial Statement

300 Level Department of Accountancy exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.

Questions:

(a) What is Conceptual framework/Accounting concepts

(b) The 2010 conceptual framework issued by IASB has five parts, list the five parts of this conceptual framework

(c) Explain the following:
(i) Objective of financial statement

(ii) Underlying assumption of financial statement.

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