Question: Question 1 The Conceptual Framework is not an accounting standard. Which of these statements about the Conceptual Framework is correct? O A business is not

Question 1 The Conceptual Framework is not an accounting standard. Which

Question 1 The Conceptual Framework is not an accounting standard. Which of these statements about the Conceptual Framework is correct? O A business is not forced to apply the principles of the Conceptual Framework O It does specify how a transaction should be recognised and measured O It provides us with specific requirements for a particular item that need to be strictly followed O There is less scope for interpretation

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