- March 19, 2020 at 4:59 am
Hi, need help with this question
Which of the following is not a disadvantage of having a conceptual framework of accounting?
It does not allow for different conceptual bases depending on the user
It does not make the setting of accounting standards easier
It may hamper the development of preparing accounting standards
It may lead to inconsistent accounting practices
my answer was A, but the answer given was D.
why is it so?
Isnt the Frameword a principle based system (unlike the GAAP that is a rule based system) and therefore allowing the exercise of judgement when dealing with transactions? and since judgement is exercised, there will be some inconsistencies?
where did I go wrong?March 19, 2020 at 5:06 pm
You have already started a thread in Ask the tutor forum. There’s no need to post it here as well. Kindly avoid duplication of threads.March 21, 2020 at 4:32 am
sorry… just its just that my question was skipped in the ask the tutor forum
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