TRUE-FALSEConceptual 1. A soundly developed conceptual framework enables the FASB to issue more useful and consistent pronouncements over time. 2. A conceptual framework is a coherent system of concepts that flow from an objective 3. The first level of the conceptual framework identifies the recognition, measurement, and disclosure concepts used in establishing accounting standards. 4. The second level of the conceptual framework provides the qualitative characteristics that make accounting information useful and the elements of financial statements 5. Although the FASB has developed a conceptual framework, no Statements of Financial Accounting Concepts have been issued to date. 6. The objective of financial reporting is the foundation of the conceptual framework 7. Users of financial statements are assumed to need no knowledge of business and financial accounting matters to understand information contained in financial statements. 8 Relevance and faithful representation are the two fundamental qualities that make accounting information useful for decision making. 9. The idea of consistency does not mean that companies cannot switch from one accounting method to another 10. Timeliness and neutrality are two ingredients of relevance. A 11 Verifiability and predictive value are two ingredients of faithful representation