Generally accepted accounting principles are fundamental truths or axioms that can be derived from laws of nature. derive their authority from legal court proceedings. derive their credibility and authority from general recognition and acceptance by the accounting profession. have been specified in detail in the FASB conceptual framework. QUESTION 5 The underlying theme of the conceptual framework is decision usefulness. understandability. faithful representation. comparability. QUESTION 6 What is meant by comparability when discussing financial accounting information? O Information has predictive or confirmatory value. Information is reasonably free from error. Information is measured and reported in a similar fashion across companies. O Information is timely