Which of the Following Is Not a Main Section of the Conceptual

question 63

Multiple Choice

Which of the following is not a main section of the conceptual framework of accounting?

• A)the objective of financial reporting
• B)the going concern assumption
• C)financial analysis
• D)the elements of financial statements

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Definitions:

Variable Administrative Expense

Costs associated with administrative activities that vary with the level of business activity or output.

Reclassifying Costs

The process of moving costs from one category to another in accounting records.

Period Costs

Expenses that are not directly tied to production and are expensed in the period in which they occur, such as selling and administrative expenses.

Product Costs

Expenses directly associated with the creation of a product, including materials, labor, and factory overhead.