Which of the Following Is Not a Chapter of the IASB

question 3

Multiple Choice

Which of the following is not a chapter of the IASB Framework?

• A) The objective of financial statements
• B) The elements of financial statements
• C) Concepts of capital and capital maintenance
• D) Concepts of income and expenditure

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Definitions:

Legal Claim

A formal assertion by a party seeking judicial relief due to another party's action or failure to act in accordance with the law.

Promisor

An individual or entity who makes a promise or agreement to perform a specified act or service for a promisee.

Moral Obligation

A responsibility or duty which is ethically binding but not legally enforceable.

Consideration

In contract law, consideration refers to something of value that is exchanged between parties entering into a contract, often seen as the reason or incentive for a party to enter into an agreement.