Question

Management has a legal and professional responsibility to be sure that the financial statements are prepared in accordance with reporting requirements of applicable accounting frameworks.

a.True

b.False

Answer 1

Answer:

a. True

Explanation:

An accounting framework represents a set of criteria that is used to measure, interpret, and disclose the information that appears in an organization's financial statements.

The law of several nations mandates the Management of a company to prepare and present their financial statements in accordance with the laws of the nation. Since the law mandates this, it makes it a legal requirement.