Which of the Following Statements About the Conceptual Framework Is

question 10

Multiple Choice

Which of the following statements about the Conceptual Framework is true?

• A) The Conceptual Framework deals only with the objective of special purpose financial statements.
• B) The Conceptual Framework for Financial Reporting provides guidelines intended to meet the information needs of a range of users who are able to command that reports be prepared to their own particular needs.
• C) The Conceptual Framework deals only with the objective of general purpose financial statements.
• D) the Conceptual Framework for Financial Reporting, SAC 1, and SAC 2 provides guidelines on the preparation of financial statements for a specific group of users.

---

Definitions:

Multifactorial Approach

An analytical strategy considering multiple factors or causes in understanding phenomena or outcomes.

Situational Factors

External influences that affect an individual's behavior or performance in a given context or environment.

Personal Factors

Characteristics or qualities relating to an individual that can influence their behavior, decisions, and interactions with the environment.

Measurable Objectives

Specific targets or goals that can be quantified or assessed through some form of evaluation.