Which of the following is not a component of the Conceptual Framework for Financial Reporting?
A)Objective of general purpose financial statements
B)Presentation and disclosure
C)Legitimacy and rationality
D)Recognition and measurement

Question

Quizplus · Accepted Answer

Legitimacy and rationality are not components of the Conceptual Framework for Financial Reporting. The components are Objective of general purpose financial statements, Qualitative characteristics of useful financial information, Elements of financial statements, Recognition and measurement, and Presentation and disclosure.

Which of the Following Is Not a Component of the Conceptual