A Key Political Benefit That May Arise from a Conceptual

question 6

Multiple Choice

A key political benefit that may arise from a conceptual framework in accounting is:

• A)Prevention of political interference in setting accounting standards.
• B)Individuals and groups are able to influence the standard setters.
• C)Protection of the professional status of accountants and accounting.
• D)All of the above.

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Definitions:

Exchange Rate Fluctuations

Variations in the value of one currency in relation to another, affecting the relative price of goods and services between countries and impacting international trade and investments.

Currency Hedge

A financial strategy used to minimize or manage the risks associated with changes in currency exchange rates affecting investments or transactions.

Exchange Rate

The price of one currency in terms of another currency, used for converting one currency into another.

Revenues And Expenses

Terms referring to the income generated from business activities and the costs incurred to earn that income, respectively.