Chapter 7 / study questions

Question 1

**Study questions
**
* A conceptual framework can be used in the design of an accounting system:
* what is the overall idea with such framework and its role in an accounting system?, and
* using the conceptual framework of the IASB as an example, what components make up such
framework and what is meant with these components?

Question 2

Quality characteristics’ are components in a conceptual framework:
* which role (function) do they have in such framework?, and
* using the conceptual framework of the IASB as an example, explain their interrelationship

Question 3

When designing an accounting system a conceptual framework can be used as a way to
structure its underlying concepts and ideas:
* explain the pros & cons with using a conceptual framework.