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:

Owning Property

Pertains to the legal right or interest that an individual or entity has in possessing, using, and managing a tangible or intangible item.

Rhode Island

The smallest state by area in the United States, located in the New England region, known for its sandy shores and maritime history.

Mass Production

The manufacture of large quantities of standardized products, often on assembly lines, which significantly reduces the production cost per unit.

Steam Power

A form of energy produced by boiling water to create steam which drives mechanical devices, playing a crucial role in the Industrial Revolution.