Question

Select all that apply

All of the following are part of the FASB conceptual framework: (Select all that apply).
A,Multiple select question.
B,Elements
C, Objectives
D, Recognition and measurement
E, Assumptions
Principles
Qualitative characteristics

Answer 1

The Financial Accounting Standards Board (FASB) conceptual framework includes elements, objectives, recognition and measurement, and assumptions, principles, and qualitative characteristics.

Step-by-step explanation:

The Financial Accounting Standards Board (FASB) conceptual framework includes several components:

Objectives: These are the goals of financial reporting, which include providing information that is useful for making economic decisions.

Recognition and measurement: This refers to the criteria for determining when to record an item in the financial statements and how to measure it.

Assumptions, principles, and qualitative characteristics: These are the underlying concepts and characteristics that guide the preparation and presentation of financial statements.

Therefore, the correct options that are part of the FASB conceptual framework are B (Elements), C (Objectives), D (Recognition and measurement), and E (Assumptions, principles, qualitative characteristics).