Indicate which of the following statements are true or false.

(a)

The conceptual framework includes recommendations on how to analyze financial statements.

select an option

True

False

(b)

The conceptual framework identifies the objective of financial reporting.

select an option

True

False

(c)

The conceptual framework is a temporary framework that provides guidance for accountants until standard setters can develop specific rules for every situation.

select an option

True

False

(d)

The conceptual framework defines assets, liabilities, owner's equity, revenue, and expenses.

select an option

True

False

(e)

The conceptual framework identifies qualitative characteristics of useful information.

select an option

False

True

(f)

The conceptual framework provides guidance for responding to new issues and developing new standards.

select an option

True

False