08) If a financial statement presented its information in a clear and concise way, it is said to exhibit which one of the following qualitative characteristics of financial information?

Select one:

a. Understandability

b. Timeliness

c. Comparability

d. Free from error

09) The opposite of a regulated market is:

Select one:

a. A free market

b. A command economy

c. Socialism

d. Capitalism

10) The IASB Conceptual Framework expects that financial statements are written for an audience with:

Select one:

a. Some education in the workings of accounting

b. No education in the workings of accounting

c. An undergraduate degree in accounting

d. A current membership in a recognised accounting association

11) According to the International Accounting Standards Board (IASB), the conceptual framework is a coherent system of concepts that flow from:

Select one:

a. The regulatory environment

b. An objective

c. The law

d. The Income Statement