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Which of the following are not enhancing qualitative characteristics of useful financial information as identified in The Conceptual Framework? Item I Predictive. Item II Influencing.
- Which of the following are not enhancing qualitative characteristics of useful financial information as identified in The Conceptual Framework?
Item I Predictive.
Item II Influencing.
Item III Comparable.
Item IV Relevance.
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- I, II and III only
- I, II and IV only
- I, III and IV only
- II, III and IV only
- Which of the following statements about enhancing qualitative characteristics of financial statements is not correct?
- Fair values of assets that cannot be verified in an active market should not be disclosed in the financial statements.
- The financial statements of similar entities adopting different asset measurement bases can be adequately compared.
- The value of invoices not yet received from suppliers for services should be estimated at financial year end for reporting purposes.
- Financial statements should be presented with the assumption that a reasonable and informed third person will know how to analyse financial information.
- What effect does a framework have on an accountant's need to exercise professional judgement?
- Reduces the scope for professional judgement.
- Increases the scope for professional judgement.
- Eliminates the scope for professional judgement.
- Has no impact on the scope for professional judgement.
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