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Which of the following best describes why a conceptual framework is necessary? Select one: O a. to decrease the comparability of different companies' financial statements O b. to make financial statement preparation an automated process requiring no human intervention O c. to build all standards and rules upon a common foundation and increase financial statement users' understanding and confidence O d. to completely eliminate the potential for companies to exercise professional judgement in preparation of financial information Which of the following is NOT an objective of financial reporting? Select one: O a. to provide the most useful information possible even if the costs exceed the benefits O b. . to provide information about an entity's economic resources, obligations and equityet assets O c. to provide information that is useful in assessing the economic performance of the entity O d. to provide information that is useful to investors and creditors and other users in making resource allocation decisions and/or assessing management stewardship Which of the following is NOT part of the conceptual framework for financial reporting? Select one: O a. qualitative characteristics of accounting information O b. foundational principles O c. elements of financial statements O d. notes to financial statements

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