38. Which statement relates to verifiability? A. Enables users to identify and understand similarities in, and difference among, items. B. Information is available to decision-makers in time to be capable of influencing their decisions. C. Different knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular depiction is a faithful representation. D. Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyze the information with diligence. 39. It is the accounting process of assigning numbers, commonly in monetary terms, to the economic transactions and events. A. Analyzing B. Measuring C. Classifying D. interpreting 40. When should an item that meets the definition of an element be recognized, according to the Framework? A. When it is probable that any future economic benefit associated with the item will flow to or from the entity. B. When the element has a cost or value that can be measured with reliability. c. When the entity obtains control of the right or obligations associated with the item. D. When it is probable that any future economic benefits associated with the item will flow to or from the entity and the item has ac sot or value that can be measured with reliability. 41. What is the only underlying assumption mentioned in the new Conceptual Framework for Financial Reporting? A. Going concern B. Time period C. Accounting entity D. Monetary unit 42. Which statement relates to comparability? A. Information is available to decision-makers in time to be capable of influencing their decisions. B. Different knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular depiction is a faith representation C. Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyze the information with diligence. D. Enable users to identify and understand similarities in, and differences amount items. 43. The enhancing qualitative characteristics of financial information are A. Comparability and understandability B. Verifiability and timeliness C. Comparability, understandability and verifiability D. Comparability, understandability, verifiability and timeliness