1.Which of the following qualitative characteristics requires information to be provided even though it may have negative consequences on the entity?

Multiple Choice

A. Predictive Value

B, Consistency

C Relevance

D. Neutrality

2.Which of the following assumptions represents the impression the company will continue to exist in the future unless disclosed:

Multiple Choice

A. Going concern

B. Economic entity

C. Periodicity

D. Liquidation

3.Changes in estimates (are):

Multiple Choice

• Considered errors

• Treated as an adjustment to beginning retained earnings of the earliest year presented.

• Require restating the previous years financial statements for the cumulative increase/decrease in income.

• Affect the current period and possibly the future.