enables users to identify the real similarities and differences in economic phenomena because these differences and similarities have not been obscured by the use of non-comparable accounting methods O Comparability Consistency Uniformity O Standardization The reasons for formalization of existing practices in textbooks and teaching methods are 1. the education legislation II. the rapid expansion of technology III. the rapid expansion of finance institution IV. the government and corporate economic policy based on accounting numbers. OI and IV Oli and 11 OI and III Oil and IV OI and II OllI and IV The followings are reasons why accounting must have conceptual framework EXCEPT To solve temporary accounting problems O As a guideline for future practices To allow consistent practice within the boundaries of GAAP As a defense against political interference Among the challenges of standards setting process are as the following EXCEPT O lack of technology O lack of technical expertise O lack of research O lack of proactive action Accounting conceptual framework(CF) is argued that unable to solve issues at microlevel is referred to argument that CF is O doesn't work in practice Omythology only O provide technical benefits only Otoo descriptive Although the information fulfil the qualitative characteristic, it may be excluded from financial statement due to some constraints such as the following EXCEPT Otoo frequent producing financial statement and yet incurred more costs O less cost incurred to compare with benefits received incurred more non financial costs. Otoo frequent of reports and the changes is not material