The FASB Divided Its Conceptual Framework Activities into Several Projects

question 13

Multiple Choice

The FASB divided its conceptual framework activities into several projects.Which of the following was not one of those projects?

• A)objectives project
• B)qualitative characteristics project
• C)financial reporting project
• D)accounting project

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Definitions:

Abstract Qualities

Traits or characteristics that are not tangible or concrete, often relating to concepts, ideas, or values.

Construct Validity

Consistency between a high score on a test and high level of a construct such as intelligence or leadership ability, as well as between mastery of this construct and successful performance of the job.

Criterion-related

Pertains to a method of evaluating the validity of a test by comparing its results with an external criterion.

Contexts

The circumstances or environments in which events occur, affecting their understanding and interpretation.