Which of the Following Is Not True Concerning the FASB

question 238

Multiple Choice

Which of the following is not true concerning the FASB and the IASB conceptual frameworks?

• A)Both the FASB and the IASB rely 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 auditors' decisions in order to enhance the quality and consistency of the audits.
• D)The FASB and the IASB have separately developed their conceptual frameworks, and those frameworks are similar.
• E)The two standard-setting bodies are currently working to develop a common conceptual framework for financial reporting.

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Definitions:

Remote Tracking

A process of monitoring the activity or location of a device or individual from a distance, using technology such as GPS or software tools.

Cell Phone

A portable telephone that can make and receive calls over a radio frequency link while the user is moving within a telephone service area.

Authentication

The process of verifying the identity of a user or system, often through passwords, biometrics, or cryptographic keys.

Data Mining

The process of analyzing large sets of data to discover patterns, trends, and information useful for decision-making and prediction.