Question 19 1 pts Financial instruments give rise to financial asset to one entity and financial liability or equity to another entity, Financial assets consist of cash and contractual rights to receive cash of another financial asset or to exchange financial assets or financial liabilities with another entity. True False Question 20 1 pts If the notes are issued at a premium, the effective rate is lower than nominal rate. True O False D Question 21 1 pts The International Accounting Standards Board (IASB) defines one of the 5 elements as follows: the residual interest in the assets of the entity after deducting all its liabilities" Which element matches this description? Asset O Equity Expense @ Liability Question 22 1 pts What is meant by comparability when discussing financial accounting information? Information is timely Information is reasonably free from error. Information has predictive or feedback value. Information that is measured and reported in a similar fashion across companies