MIDTERM- CFAS questions with correct answers

"I shall be straightforward and honest in all my professional and business relationships."Which ethical principle am I referring to in this statement? a. Integrity b. Objectivity c. Confidentiality d. Professional Behavior e. Professional Competence and Due Care - correct answer a General-purpose financial reports are not designed to show the value of a reporting entity. True False - correct answer TRUE Which of the following is not included in the scope of the IASB conceptual framework? a. Qualitative characteristics that determine usefulness of financial accounting information. b. Definition, recognition & measurement of the elements of financial statements. c. Concepts of capital and capital maintenance d. Generally accepted accounting principles - correct answer d The IASB conceptual framework is intended to establish