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.

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Definitions:

Asset Account

A classification within financial accounting that reports the value of a company's long-term resources, such as property, equipment, and intellectual property.

Computer

An electronic device that executes specific tasks or calculations according to a set of instructions or software.

Utilized

Employed or made use of effectively.

Business

An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.