What Is the Primary Purpose of the Conceptual Framework

question 132

Multiple Choice

What is the primary purpose of the conceptual framework?

• A) to override accounting standards
• B) to assist standard setters in developing and revising accounting standards
• C) to revise the objective of financial reporting
• D) All of the above

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Definitions:

Profitability

The ability of a business or activity to generate more revenue than the expenses incurred, resulting in financial gain.

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DiversityInc

An organization that focuses on promoting and recognizing diversity and inclusion in the corporate environment.

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Strategies and policies implemented by organizations to create an inclusive workplace that respects and values differences among employees.