Which of the Following Statements About the Objective of General

question 33

Multiple Choice

Which of the following statements about the objective of general purpose financial reports (GPFRs) , as contained in the IASB's Conceptual Framework, is correct?

• A) GPFRs will generally satisfy user's needs for information.
• B) The IASB's Conceptual Framework deliberately emphasises sustainability as an objective of GPFRs.
• C) The entity perspective has been adopted when defining the objectives of GPFRs.
• D) The primary users of GPFRs are seen as being a diverse group including shareholders, creditors, regulators, members of the public, etc.

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Definitions:

Note Discounted

A financial term referring to a promissory note that is sold for less than its face value before it reaches maturity.

Interest Calculations

The process of figuring out the amount of interest to be added to the principal amount of a loan or deposit, based on the rate and the time.

Payment Maturity

The date on which a financial obligation must be repaid in full.

Note Issuance

Note issuance involves the creation and offering of a promissory note, a financial instrument wherein the issuer promises to pay a specific amount to the holder on demand or at a future date.