Materiality is affected by the nature and/or the amount of an item.

True or False

An advantage that support the historical cost measurement principle is:

Multiple Choice

• Relevance.

• Predictive quality for future cash flows.

• Materiality.

• Verifiability.

Revenues, gains, and distributions to owners lead to an increase in equity.

True or False

The conceptual frameworks objective is to provide an outline and structure for a regular set of Standards.

True or False

Revenues resulted from increase in assets or payments of liabilities from the entity's ongoing operations that are recognized in the same accounting period in which the performance obligation is satisfied.

True or False