Which Is a Purpose of the Conceptual Framework in Accounting

question 33

Multiple Choice

Which is a purpose of the conceptual framework in accounting?

• A)To support principles-based accounting standards, principles and practices.
• B)To provide rules from which decision-useful financial information can be developed.
• C)To promote global consistency, acceptance and adoption of IFRS around the globe.
• D)To develop different accounting practices between countries around the globe.

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Definitions:

Germanic

Pertaining to the people, languages, and cultures of the Germanic tribes, historically native to Northern Europe, or relating to the languages derived from Old Germanic, such as German, English, Dutch, and Scandinavian languages.

Subgroup of Languages

A smaller grouping of languages within a larger language family, showing close historical and linguistic relationships.

Indo-European Language

A family of several hundred related languages and dialects, including most of the languages spoken in Europe and parts of Asia.

English

A West Germanic language that originated from the Anglo-Frisian dialects brought to Britain in the mid-5th to 7th centuries AD by Anglo-Saxon settlers.