Which of the Following Is Not a Benefit Associated with the FASB

question 68

Multiple Choice

Which of the following is not a benefit associated with the FASB Conceptual Framework Project?

• A)A conceptual framework should increase financial statement users' understanding of and confidence in financial reporting.
• B)Practical problems should be more quickly solvable by reference to an existing conceptual framework.
• C)A coherent set of accounting standards and rules should result.
• D)Business entities will need far less assistance from accountants because the financial reporting process will be quite easy to apply.

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Definitions:

Musculoskeletal

Referring to the system of muscles and skeletons in the body and its related disorders.

Nephrology

The branch of medicine that deals with the functions and diseases related to the kidneys.

Colonoscopy

A medical procedure that uses a long, flexible camera to view the interior lining of the colon and rectum for diagnosis or treatment.

Gastrologist

Incorrect term for a medical specialist; the correct term is Gastroenterologist, who specializes in diagnosing and treating digestive system disorders.