Match the descriptions with their terms :
-A set of concepts defining the nature, purpose, and content of general purpose financial reporting to be followed by financial report preparers and standard-setters.
A) Resource providers
B) Materiality
C) Assets
D) SAC 4
E) Full disclosure principle
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Question

Match the descriptions with their terms :
-A set of concepts defining the nature, purpose, and content of general purpose financial reporting to be followed by financial report preparers and standard-setters.
A) Resource providers
B) Materiality
C) Assets
D) SAC 4
E) Full disclosure principle 
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Quizplus · Accepted Answer

A conceptual framework is a set of concepts defining the nature, purpose, and content of general purpose financial reporting to be followed by financial report preparers and standard-setters.

Match the Descriptions with Their Terms