The functions of the Australian Accounting Standards Board include: I. development of a conceptual framework for the purpose of evaluating proposed accounting standards. II. making accounting standards for the purpose of the Corporations Act. III. participating in and contributing to the development of a single set of accounting standards for worldwide use. Select one: O a. I only. O b. I, II and III. O c. I and III only O d. Il and Ill only. The two fundamental qualitative characteristics of useful information are: Select one: O a. materiality and timeliness. O b. faithful representation and comparability. c. understandability and verifiability. d. relevance and faithful representation. An example of an expense, as defined in the conceptual framework, is: Select one: O a. Dividends paid to shareholders. O b. Cash purchase of office equipment. c. Payment to a supplier for purchases made on credit. d. Wages paid on a weekly-basis to employees. O Which of the following statements about the going concern assumption is not true? Select one: O a. it supports the use of assets such as Prepaid Expenses. O b. it can justify the use of historical costs when measuring non-current assets. c. it is used when an entity goes into liquidation. O d. it supports the systematic allocation of depreciation over an asset's useful life