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

question 53

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

Understand the basics of economic questions (What, How, For Whom) that every economy must answer.

Evaluate economic decisions using the concept of true value and economic perspectives.

Interpret the law of comparative advantage and its implications for trade.

Explain how specialization and exchange can lead to increased economic efficiency.

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Definitions:

Tort

A civil wrong that causes someone else to suffer loss or harm, resulting in legal liability for the person who commits the act.

Compensation

Payment or reward given for services rendered or harm suffered.

Tort Action

A legal proceeding arising from a wrongful act, leading to civil liability, rather than stemming from a contract dispute or criminal case.

Compensation

Payment or reward given for services rendered or damages incurred.