Which of the Following Accurately Describes the Objective of Financial

question 42

Multiple Choice

Which of the following accurately describes the objective of financial reporting under the IFRS Conceptual Framework?

• A)The Conceptual Framework focuses on a narrow set of users such as investors and lenders.
• B)Special purpose financial statements are required under the Conceptual Framework.
• C)In the Conceptual Framework, users include a broad range such as employees and customers.
• D)Under the Conceptual Framework, general purpose financial statements increase moral hazard.

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Definitions:

Anxiety

A feeling of worry, nervousness, or unease about something with an uncertain outcome, often accompanied by physical symptoms.

Dissociation

Process whereby different facets of an individual’s sense of self, memories, or consciousness become split off from one another.

Catatonic

A behavioral syndrome marked by an inability to move normally, which can include motor immobility and excessive motor activity.

Psychotic

Relating to psychosis, characterized by a disconnect from reality, which may include delusions and hallucinations.