Which of the Following Is Not a Purpose of the Conceptual

question 63

Multiple Choice

Which of the following is not a purpose of the conceptual framework of accounting?

• A) To provide definitions of key terms and fundamental concepts
• B) To provide specific guidelines for resolving situations not covered by existing accounting standards
• C) To assist accountants and others in selecting among alternative accounting and reporting methods
• D) To assist the FASB in the standard-setting process

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Definitions:

Openly

In a manner that is not secretive or hidden; conducting actions in a visible and public way, often implying transparency or honesty.

Continuously

Occurring without interruption or cessation; ongoing.

Adverse

Unfavorable or harmful conditions or circumstances that can negatively affect or pose challenges to individuals or entities.

Necessity

A term that can refer to a state of being required or indispensable, or, in legal terms, a defense that asserts an act was done out of a need to prevent a greater harm.