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The primary reason for developing a conceptual framework was to: Group of...

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Accounting

The primary reason for developing a conceptual framework was to:

Group of answer choices

enable regulators to develop accounting standards that are consistent and logically formulated.

assist to revise the accounting standards.

reduce the number of accounting standards needed.

provide an alternative view to the accounting standards.

The test to determine whether information which is otherwise relevant and faithfully represented, can be omitted, misstated or not disclosed separately without adversely affecting economic decision-making, is known as:

Group of answer choices
materiality.
understandability.
consistency.
comparability.


What are the fundamental qualitative characteristics for financial reporting contained in the Conceptual Framework?

I

Comparability

V

Faithful representation

II

Materiality

VI

Reliability

III

Timeliness

VII

Understandability

IV

Relevance

VIII

Verifiability

Group of answer choices
I, III, VII and VIII
IV and V only
V and VI only
IV and VI only

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