List the Three Primary Components of the Conceptual Framework for Financial

question 39

Essay

List the three primary components of the conceptual framework for financial reporting and the two subcomponents of each component.

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Definitions:

Single

A tax return designation for single taxpayers who are ineligible for any other filing statuses.

Understatement

The act of reporting less income or overstating deductions than actually occurred, potentially resulting in tax discrepancies.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Fraud

Deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.