The IASB Framework for the Preparation and Presentation of Financial

question 39

Multiple Choice

The IASB Framework for the Preparation and Presentation of Financial Statements:

• A)Dictates the standards to be followed in preparing financial statements under IFRS
• B)Requires an entity to use its judgment in developing and applying and accounting policy that results in information that is relevant and reliable
• C)Serves as a guide to resolving accounting issues that are not addressed directly in a standard
• D)All of the above

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Definitions:

Pharynx

The muscular tube that connects the mouth and nasal passages to the esophagus and larynx, serving both the respiratory and digestive systems.

Trachea

Principal thoracic air duct of terrestrial vertebrates; windpipe. One of the microscopic air ducts (or tracheal tubes) branching throughout the body of most terrestrial arthropods and some terrestrial mollusks.

Partial Pressure

The pressure that a gas in a mixture of gases would exert if it alone occupied the entire volume.

Nitrogen Gas

A diatomic gas that is colorless, odorless, and makes up about 78% of the Earth's atmosphere, used by certain bacteria to produce usable forms of nitrogen for plants.