Which of the Following Is NOT Part of the Conceptual

question 191

Multiple Choice

Which of the following is NOT part of the conceptual framework for financial reporting?

• A)Elements of financial statements
• B)Qualitative characteristics of accounting information
• C)Notes to financial statements
• D)Foundational principles

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Definitions:

UCC

A complete collection of regulations that oversee business dealings within the United States, known as the Uniform Commercial Code.

Stop-Payment Order

A request made to a bank by an account holder to not pay out on a check or transaction previously issued or authorized.

Liability

Legal responsibility for one's actions or inactions, particularly in causing harm to others or to property, which may result in civil or criminal penalties.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.