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Which statements is correct concerning conceptual framework

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Reference no: EM132918700

Problem 1: Which of the following statements is correct concerning a conceptual framework in accounting?

Option 1: Standard setting is based on personal conceptual frameworks which lead to different conclusions about similar issues.

Option 2: It should allow practical problems to be solved more quickly by reference to it.

Option 3: It should be based on fundamental truths that are derived from the laws of nature.

Option 4: All of these answer choices are correct.

Reference no: EM132918700

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