Which of the following is true about understandability as a qualitative characteristic of financial statements? Where the underlying transactions or economic events are more complexi the user is expected to understand them without the assistance of an advisor. Users with no knowledge of business and financial accounting matters are expected to understand the financial statements. The onus to prepare understandable statements and to be able to understand them lies with the preparer. The onus to prepare understandable statements and to be able to understand them lies with the preparer and the user