Question Details

Decision usefulness is the underlying theme of the conceptual framework.


TRUE OR FALSE:
1.	The first level of the conceptual framework identifies the recognition and measurement concepts used in establishing accounting standards.

	2.	Decision usefulness is the underlying theme of the conceptual framework.


	3.	Users of financial statements are assumed to have no knowledge of business and financial accounting matters by financial statement preparers.

	4.	The foundation of the International Accounting Standards Board- (IASB-) Conceptual Framework is found on the third level of the Framework and includes assumptions, principles, and constraints.

	5.	An implicit assumption of the International Accounting Standards Board- (IASB-) Conceptual Framework is that users need to be experts in business and financial accounting matters to understand the information contained in financial statements.



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