Multiple Choice
Not every country uses the same conceptual framework. This lack of uniformity has arisen because
A) there are not enough members in the professional body.
B) no time is available to complete the framework.
C) there are differences in legal and governmental systems.
D) financial statements do not need to be comparable.
Correct Answer:

Verified
Correct Answer:
Verified
Q5: It is an underlying assumption that financial
Q7: A number of unrelated transactions recorded by
Q11: The qualitative characteristic that should be first
Q12: Relevance and faithful representation are the two
Q48: There is a direct association between cost
Q50: Understandability enables users to have timely information
Q73: Information is understandable when it is understood
Q98: The objective of financial reporting is to
Q109: If the company is a going concern,
Q116: The expense recognition criteria states that expenses