The Conceptual Framework States That an Important Implication of the Qualitative

question 21

Multiple Choice

The Conceptual Framework states that an important implication of the qualitative characteristic of comparability is that:

• A)It will be used to predict outcomes of past,present or future events
• B)It will be used to assess the representational faithfulness of the financial reports
• C)Users will be informed of the accounting policies used in the preparation of the financial reports
• D)If there is a choice of accounting methods one method should be chosen and then applied throughout the life of the entity

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Definitions:

Empirical Evidence

Information acquired by observation or experimentation that serves as the basis for knowledge and validation in scientific research.

Modern Personality Psychology

A branch of psychology that studies personality and individual differences, incorporating contemporary theories and research to understand how people think, behave, and interact.

Psychosexual Stages

A series of developmental stages proposed by Freud in which an individual’s pleasure focus shifts from the mouth to the anus and then to the genitals as they grow.

Development

The process of growth and change that a person undergoes, which can be physical, cognitive, or emotional.