Instructions: Presented below are six statements that you are to identify as true or false. If false, explain why the statement is incorrect. 1. The objective of financial reporting is to prepare a statement of financial position, a statement of comprehensive income, a statement of cash flows, and a statement of changes in equity. 2. Accounting standards based on individual conceptual frameworks generally will result in consistent and comparable accounting reports. 3. The fundamental qualitative characteristics that make accounting information useful are relevance and verifiability