e two types of qualitative characteristics of financial 5. In the conceptual framework, there are two types of qualitative charac reporting? What are they? They are: a. Fundamental and enhancing characteristics b. Point-in-time and period-in-time C. Recognition and measurement d. Elements of financial reporting system e. None of the above. 6. What are the two fundamental characteristics of financial reporting? They are: a. Comparability and understandability b. Relevance and timeliness c. Reliability and faithful representation d. Faithful representation and relevance e. None of the above. 7. Your text talks about two groups of elements of financial information - Point-in-Time Elements and Period-of-Time Elements. What are Point-in-Time elements? List them and identify the financial statements on which you will find them. 8. One of the assumptions integral to the financial reporting process that your book talks about is periodicity. What does the concept of periodicity mean? Briefly explain it