Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and fundamental concepts. b. To provide specific guidelines for resolving situations not covered by existing accounting standards. c. To assists accountants in selecting among alternative accounting and reporting methods. d. To assists the International Accounting Standards Board in standard-setting process.
Which is not a purpose of the conceptual framework?
a. To provide definitions of key terms and fundamental concepts.
b. To provide specific guidelines for resolving situations not covered by existing accounting standards.
c. To assists accountants in selecting among alternative accounting and reporting methods.
d. To assists the International Accounting Standards Board in standard-setting process.
37. Which of the following statements regarding the conceptual framework is incorrect?
a. The conceptual framework is concerned with general-purpose financial statements.
b. The conceptual framework applies to financial statements of business reporting enterprises both in
the private sector and in the public sector
c. In cases where there is conflict between the conceptual framework and PFRS, the requirement of the
conceptual framework will prevail
d. The conceptual framework deals with concepts of capital
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