The objective of the financial reporting in the Conceptual Framework:

Multiple Choice

• can be found on the second level of the Framework.

• Includes the qualitative characteristics that make accounting information useful.

• is the foundation for the Framework.

• Includes the assumptions and principles of the accounting.

Under the Conceptual Framework, the objective of financial reporting is described in the how level of the conceptual.

Group starts > True or False

When discussing financial accounting information, comparability means:

Multiple Choice

• Information has predictive or feedback value.

• Information is provided in a timely manner.

• Information that is measured and reported in a similar way across companies.

• information is free from error and bias.

A constraint on qualitative characteristics of accounting information is:

Multiple Choice

• a fundamental Quality.

• an enhancing quality.

• cost effectiveness.

• a general common criteria.

In accounting information qualitative characteristics, Predictive value is an element of faithful representation.

True or False