The Objective of Financial Reporting in the International Accounting Standards

question 119

Multiple Choice

The objective of financial reporting in the International Accounting Standards Board's (IASB's) Conceptual Framework

• A) Is the foundation for the Framework.
• B) Includes the qualitative characteristics that make accounting information useful.
• C) Is found on the third level of the Framework.
• D) All of the choices are correct regarding the objective of financial reporting.

---

Definitions:

Benzyl Bromide

An organic compound consisting of a benzene ring attached to a bromomethyl group, used as a chemical intermediate in synthesis.

3-Phenylpropan-1-ol

An organic compound that is a member of the alcohol functional group and is characterized by a phenyl ring attached to a three-carbon chain ending with an -OH group.

Transformation

The process of changing a substance, compound, or molecule into a new and different substance through a chemical reaction.

Reagents

Substances used in chemical reactions to cause or analyze a reaction.