It Is Argued That the Conceptual Framework Is Descriptive,not Prescriptive,because

question 9

Multiple Choice

It is argued that the Conceptual Framework is descriptive,not prescriptive,because:

• A)It simply describes accounting principles as currently practiced and applied.
• B)Its purpose is to try to improve practice rather than simply reflecting and giving approval to existing accounting principles and practice.
• C)It describes what should happen in practice.
• D)None of the above.

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Definitions:

Histogram

A chart that represents the distribution of a dataset by way of rectangular bars, where the area of each bar is proportional to the frequency of items in each category.

Olympic Gold

A medal awarded to the first-place finishers in competitions at the Olympic Games, symbolizing the highest achievement in sports.

High Jump

An athletic event where competitors aim to leap over a horizontally placed bar at various heights without dislodging it.

Year

A period of approximately 365.25 days, representing the time taken for the Earth to orbit the sun.