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:

Implied Warranty

A legal term for the assumption that a sold good is fit for its intended purpose, even if not expressly stated.

Principal

The amount of money initially invested or loaned, in contrast to interest or profit earned from the investment.

Authority

The authority or capability to issue commands, make choices, and ensure compliance.

Export Controls List

A regulatory document or framework that specifies goods, software, or technology that are restricted or controlled for export, to comply with national security and trade policies.