Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the users of the accounts are and how it is to be used (ii) Is not an obligatory piece of legislation (iii) Defines concepts such as going concern, relevance and materiality
Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the users of the accounts are and how it is to be used (ii) Is not an obligatory piece of legislation (iii) Defines concepts such as going concern, relevance and materiality
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 5MC
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Question
Which of the following statements are true?
An accounting Conceptual Framework:
(i) Sets out who the users of the accounts are and how it is to be used
(ii) Is not an obligatory piece of legislation
(iii) Defines concepts such as going concern, relevance and materiality
a) All of the above is true
b) Only (i) is true
c) Only (ii) and (iii) is true
d) (i) and (iii) is true
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