Worldatwork Exam T7 Topic 2 Question 115 Discussion

Actual exam question for Worldatwork's T7 exam

Question #: 115
Topic #: 2

[All T7 Questions]

One of the reasons preparers use the conceptual framework is to:

ADevelop accounting policies in the absence of specific standards

BDocument a historical record of all judgments

CDevelop alternate interpretations of specific standards

DEncourage change to standards as Board members change

Show Suggested Answer

Suggested Answer: A

by Buddy at Jul 31, 2025, 07:54 AM

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Aleta

3 days ago

A) Develop accounting policies in the absence of specific standards - that's the one! The conceptual framework is like a guiding light when the standards are a bit murky.

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Holley

4 days ago

I agree with Glory. It helps in providing guidance when there are no specific standards in place.

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Glory

5 days ago

I think the reason preparers use the conceptual framework is to develop accounting policies in the absence of specific standards.

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