The First and Second Levels of the Conceptual Framework Are

question 25

Multiple Choice

The first and second levels of the conceptual framework are concerned with:

• A) the qualitative characteristics of financial reporting
• B) the elements of financial reporting
• C) the objective of financial reporting
• D) the scope of financial reporting

---

Definitions:

Average Outgoing Quality

The average quality level of products after defective items have been removed through screening or quality control procedures.