The objective of financial reporting in the International Accounting Standards Board's (IASB's) Conceptual Framework Select one: a. Is found on the third level of the Framework. b. Is the foundation for the Framework. C. Includes the qualitative characteristics that make accounting information useful. d. All of the choices are correct regarding the objective of financial reporting. Statement of financial position information is useful for all of the following except Select one: a. evaluating a company's financial flexibility b. assessing a company's risk O C. determining free cash flows. d. evaluating a company's liquidity The correct order to present current assets is Select one: a. cash, accounts receivable, prepaid items, inventories. b. inventories, receivables, prepaid items, cash. C. inventories, prepaid items, accounts receivable, cash. d. cash, inventories, accounts receivable, prepaid items. Which of the following is a limitation of the statement of financial position? Select one: a. Current fair value is not reported. b. Many items that are of financial value are omitted. C. Judgments and estimates are used. d. All of these choices are correct. financial statements are the product of Select one: a. financial accounting. b. managerial accounting. c. neither financial nor managerial accounting. d. both financial and managerial accounting