The IASB Framework Is a Device To

question 6

Multiple Choice

The IASB Framework is a device to:

• A)Confer legitimacy on a private sector standard setter
• B)Offer a positive explanation of accounting principles
• C)Explain,and enforce,the rules laid down by the state
• D)Provide a prescriptive solution to problems before they arise

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Definitions:

Carrier

An entity that offers transportation services for goods or people, often used in the context of shipping or telecommunications.

Bailee

A bailee is a person or party to whom goods are delivered for a specific purpose, under an agreement or contract, with the obligation to return the goods after the purpose is fulfilled.

In Transit

Refers to goods or individuals that are in the process of being transported from one location to another.

Nonconforming Goods

Refers to products or goods delivered under a contract that fail to meet the specifications or standards agreed upon.