Which of the Following Is Not True Concerning Conceptual Frameworks

question 62

Multiple Choice

Which of the following is not true concerning conceptual frameworks?

• A)The FASB, but not the IASB, relies on a conceptual framework to guide their standard-setting decisions.
• B)The conceptual framework is not a rigorous set of principles from which standard setters can logically deduce appropriate financial reporting standards.
• C)The purpose of a conceptual framework is to guide standard-setting decisions in order to enhance the quality and consistency of those decisions.
• D)The FASB and the IASB have separately developed their conceptual frameworks, and those frameworks are similar.
• E)The FASB and the IASB are currently working to develop a common conceptual framework for financial reporting.

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Definitions:

Salivary Glands

Accessory digestive glands found in vertebrates and some invertebrates; in humans there are three pairs.

Enzymatic Digestion

The breakdown of food by enzymes into molecules small enough for the body to absorb.

Saliva

A watery secretion in the mouths of animals, produced by the salivary glands, which aids in digestion and oral hygiene.

Propulsive Movements

Bodily movements that drive or push something forward, typically referring to the contractions in the digestive tract moving food along.