Choose the letter of the correct answer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Choose the letter of the correct answer.
Transcribed Image Text:. 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.
a. I only
а.
С.
Both I and II
b. Пonly
d. Neither I nor II
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