Which of the Following Is Not Correct About the Conceptual

question 60

Multiple Choice

Which of the following is not correct about the conceptual framework in accounting?

• A)It is the basis for standard-setting for accounting standard setting bodies.
• B)It is based on fundamental accounting truths derived from the laws of nature.
• C)It can be used to solve emerging or complex accounting problems.
• D)It can be used to develop consistent and comparable accounting principles.

---

Definitions:

Attached

Being joined or associated with something else, typically in the context of legal or official documents and properties.

Perfected

In legal terms, this refers to the completion of all necessary legal steps to enforce one's rights to an asset or interest.

Internationalization

The process of designing products, services, and content to facilitate their adaptation to various languages and cultures.

Security For Debt

Assets pledged by a borrower to secure repayment of a loan.