Conceptual Framework

Please help this is a review during quarantine for battery exam:

1. Which of the following statements about financial statements is incorrect? A. They are the primary responsibility of the management of the enterprise. B. They show the results of the stewardship of the management for the resources entrusted to it by the capital providers. C. They are prepared at least annually and are directed to both the common and specific information needs of a wide range of statement users. D. The provide information about the financial position, performance and cash flows of an enterprise that is useful to a wide range of users in making economic decisions. 2. Under the Conceptual Framework for Financial Reporting 2010, which of the following characteristics replaces the "reliability" characteristic under the old Conceptual Framework? A. Faithful representation B. Prudence C. Verifiability D. Substance over form 3. Which two characteristics of financial information are part of the "reliability" characteristic under the old Conceptual Framework that are no longer explicitly part of the "faithful representation" characteristic under the Conceptual Framework for Financial Reporting 2010? A. Prudence and neutrality B. Completeness and neutrality C. Prudence and substance over form D. Completeness and substance over form 4. Under the Conceptual Framework for Financial Reporting (2010) which of the following statements is not a feature of financial information's "comparability" characteristics? A. Comparability is uniformity. B. A comparison requires at least two items. C. Consistency, although related to comparability, is not the same. D. Comparability is the goal, consistency helps to achieve that goal. 5. Which is incorrect concerning the accounting constraints on relevant and reliable information? nay often be necessary to report before all aspects of a transaction or other event are known, thus impairing reliability. B. The benefits derived from the information should exceed the cost of providing it. C. In achieving a balance between relevance and reliability, the overriding consideration is how best to satisfy the economic decision-making needs of users. D. If there is undue delay in the reporting of information it may lose its relevance and reliability, 6. Which of the following is an essential characteristic of a liability? A. The exact amount due must be known. B. It may be the result of future transactions. C. The identity of the creditor must be known. D. It must be an obligation to transfer assets or provide services in the future