22.When inventory is misstated, its presentation would lack ________________.

a.

materiality

b.

comparability

c.

faithful representation

d.

relevance

23.

Which of the following highlights a purpose of having a conceptual framework for financial reporting in accounting?

a.

To segregate activities among competing companies.

b.

To make sure that economic activity can be identified with a particular legal entity.

c.

To provide comparable information for different companies.

d.

To provide a foundation from which to build more useful standards.