What Is a Purpose of Having a Conceptual Framework

question 54

Multiple Choice

What is a purpose of having a conceptual framework?

• A)To make sure that economic activity can be identified with a particular legal entity.
• B)To segregate activities among competing companies.
• C)To provide comparable information for different companies.
• D)To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards.

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Definitions:

Generality

The extent to which findings, principles, or theories are applicable across a wide range of situations, conditions, or groups.

Ethicality

The degree to which an action or decision is morally acceptable, following established ethical standards.

Cost

The required expenditure or investment of resources, such as time, money, or effort, in order to obtain a product or achieve an objective.

Strong Manipulation

An experimental approach that involves significant alterations to the independent variable to observe a clear effect on the dependent variable.