The Primary Reasons for Developing a Conceptual Framework Is

question 41

Multiple Choice

The primary reasons for developing a conceptual framework is:

• A)To enable regulators to develop accounting standards that are consistent and logically formulated
• B)To provide guidance to accountants in areas where no standard exists
• C)To reduce the number of accounting standards needed
• D)To assist auditors

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Definitions:

Arithmetic Reasoning

The ability to solve problems by performing operations like addition, subtraction, multiplication, and division.

Dual Processing

The theory that the brain operates using two modes of thought: "intuitive" and "analytical", simultaneously processing information.

Conscious

Being aware of and responding to one's surroundings; awake.

Unconscious

According to Freud, a reservoir of mostly unacceptable thoughts, wishes, feelings, and memories. According to contemporary psychologists, information processing of which we are unaware.