1. According to the Conceptual Framework, the objective of general purpose financial reporting is to provide information that is useful to existing and potential investors, lenders and other creditors in making decision about: [ ] A. lending strategies. [ ] B. profitable investments. [ ] C. improving asset liquidity. [ ] D. providing resources to the entity. 2. An entity in which it is reasonable to expect the existence of users who depend on general purpose financial reports for their decision making is known as a(an): [ ] A. Sole trader. []B. Partnership [ ] C. Company. [ ]D. Reporting entity. 3. Which is NOT a quality of faithful representation in the Conceptual Framework? [ ] A. Prudence. [ ]B. Neutrality. [ ] C. Completeness. [ ] D. Free from material error