What are the Statements of Financial Accounting Concepts intended to establish?

QUESTION:

What are the Statements of Financial Accounting Concepts intended to establish?

a. Generally accepted accounting principles in financial reporting by business enterprises.

b. The meaning of “Present fairly in accordance with generally accepted accounting principles.”

c. The objectives and concepts for use in developing standards of financial accounting and reporting.

d. The hierarchy of sources of generally accepted accounting principles.


ANSWER:

c. The objectives and concepts for use in developing standards of financial accounting and reporting.

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