Which of the Following Is Not a Perceived Advantage in Developing

question 5

Multiple Choice

Which of the following is not a perceived advantage in developing a conceptual framework project?

• A) Standard-setters will be less accountable for their decisions
• B) Setting accounting standards will be more economical, despite resources needed to develop the Conceptual Framework and standards
• C) It will result in a reduced number of accounting standards where issues are covered by the Framework
• D) It will provide a defence and enhance the legitimacy of the accounting profession

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Definitions:

Opportunity

A favorable situation or set of circumstances that presents itself, which can potentially lead to growth, development, or success if capitalized on properly.

Strength

An attribute or internal capability of a company or individual that provides a competitive advantage in the market or enhances performance.

Weakness

A term used in SWOT analysis to denote internal limitations or areas where a business or individual performs poorly.

SWOT Analysis

A strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.