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5. Which of the following statements is corrèct? I. The Conceptual Framework sets out the standards that the preparation and presentation of financial staten external users. II. In case of conflict between the Conceptual Frameuwork a the requirements of the Conceptual Framework shall pre

5. Which of the following statements is corrèct? I. The Conceptual Framework sets out the standards that the preparation and presentation of financial staten external users. II. In case of conflict between the Conceptual Frameuwork a the requirements of the Conceptual Framework shall pre

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5. Which of the following statements is correct? The Conceptual Framework sets out the standards that underl:: the preparation and presentation of financial statements for external users. I. II. In case of conflict between the Conceptual Framework and PERS the requirements of the Conceptual Framework shall prevail ove those of the PFRS. С. Both I and II a. · I only d. Neither I nor II b. II only 6. The Conceptual Framework deals with the following, except: а. quantitative characteristics of useful financial information b. concepts of capital and capital maintenance c. objective of financial reporting с. d. definition, recognition, and measurement of the accounting elements 7. Which of the following statement is correct? I. The objective of general-purpose financial reporting forms the foundation of the Conceptual Framework. II. Other aspects of the Conceptual Framework like reporting entity concept, elements of financial statements, recognition, measurement, and presentation and disclosure flow logically from the objective. I only b. II only a. С. Both I and II d. Neither I nor II
Transcribed Image Text:5. Which of the following statements is correct? The Conceptual Framework sets out the standards that underl:: the preparation and presentation of financial statements for external users. I. II. In case of conflict between the Conceptual Framework and PERS the requirements of the Conceptual Framework shall prevail ove those of the PFRS. С. Both I and II a. · I only d. Neither I nor II b. II only 6. The Conceptual Framework deals with the following, except: а. quantitative characteristics of useful financial information b. concepts of capital and capital maintenance c. objective of financial reporting с. d. definition, recognition, and measurement of the accounting elements 7. Which of the following statement is correct? I. The objective of general-purpose financial reporting forms the foundation of the Conceptual Framework. II. Other aspects of the Conceptual Framework like reporting entity concept, elements of financial statements, recognition, measurement, and presentation and disclosure flow logically from the objective. I only b. II only a. С. Both I and II d. Neither I nor II
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