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ACC 124 - Assignment 2 - Tabanao
ACC 124 - Assignment 2 - Tabanao
Conceptual Framework
- It is a summary of the terms and concepts that underlie the preparation
and presentation of financial statements for external users. The conceptual
framework holds authoritative status in the development of
accounting standards, providing a foundational basis for consistent and
coherent principles.
Equity – this is the residual interest in the asset of the entity after
deducting all of its liabilities.