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

question 80

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 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:

Political Trust

Refers to the confidence and faith that citizens have in their political system and its institutions.

United States

A country in North America consisting of 50 states and a federal district, known for its democratic government and multicultural population.

Random Sample

A method of selecting a sample from a statistical population in such a way that every possible sample has a predetermined probability of being selected.

Polling

The process of surveying people's opinions or intentions, often used in predicting election outcomes.