Review Qu. 003, Ch 01 Select the statement below which correctly describes a characteristic of the conceptual framework Multiple Choice The conceptual framework directly prescribes rules which must be adhered to under US GAAP The conceptual framework is organized according to the types and perspectives of anticipated users of financial Information such as investors and creditors Guidance for communicating the accounting for transactions is provided in the conceptual framework The conceptual framework directly prescribes rules which must be adhered to under US GAAP O The conceptual framework is organized according to the types and perspectives of anticipated users of financial information, such as investors and creditors. O Guidance for communicating the accounting for transactions is provided in the conceptual framework O Quantitative materiality guidelines based on size, Industry, and other factors are provided in the conceptual framework, but are not prescriptive