The simplification of complex transactions in external financial reports without sacrificing relevance or faithful representation promotes the qualitative characteristic of: Select one: a. Timeliness b. Relevance c. Materiality d. Understandability According to the Conceptual Framework which of these is not an essential characteristic of an asset? Select one: a. It must have been acquired for money o b. There must be future economic benefits O C. The entity must have control over the future economic benefits d. The event giving rise to the entity's control over the resource must have occurred Which of these pairs of qualitative characteristics are most likely to be in conflict? Select one: O a. Comparability and verifiability b. Understandability and comparability C. Relevance and faithful representation d. Understandability and relevance The Conceptual Framework states that an important implication of the qualitative characteristic of comparability is that: Select one: a. It will be used to predict outcomes of past, present or future event 0 b. It will be used to assess the representational faithfulness of the financial reports c. Users will be informed of the accounting policies used in the preparation of the financial reports d. If there is a choice of accounting methods one method should be chosen and then applied throughout the life of the entity