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:

Shallow Processing

a minimal level of mental engagement used in learning or memory, often involving only superficial characteristics.

Meaningful Information

Data or knowledge that holds significance or usefulness to an individual, often contributing to understanding or decision-making.

Time Spent Learning

The duration dedicated to acquiring new knowledge or skills through study, experience, or teaching.

Emotionally Stressful Events

These are incidents or circumstances that cause significant psychological stress or emotional disturbance.