Which of the Following Is Not a Time Period Considered

question 12

Multiple Choice

Which of the following is not a time period considered in developing an accounting standard?

• A) Convergence period
• B) Harmonisation period
• C) Deliberation period
• D) Conceptual framework period

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Definitions:

Financial Accounting Standards Board

An independent organization responsible for establishing and improving financial accounting and reporting standards in the United States.

Accounting Principles

Fundamental guidelines or rules that form the basis for accounting practices and financial reporting.

Unrealized Profits

Profits that have been earned but not yet realized through a transaction, often related to investments that have increased in value but have not been sold.

Economic Activities

Actions that involve the production, distribution, and consumption of goods and services in an economy.