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Question 1Not yet answeredMarked out of 2.50Not flaggedFlag question Question text Erin Company applies the same accounting treatment to similar events from period to period. Erin Company is exhibiting which of the following qualities as described by the International Accounting Standards Boards (IASBs) Conceptual Framework?

Select one: verifiability consistency predictive value all of the choices are correct.

Question 2Not yet answeredMarked out of 2.50Not flaggedFlag question Question text Which of the following earnings per share figures must be disclosed on the face of the income statement?

Select one: EPS for income from continuing operations. EPS for income before taxes. EPS for operating profit. EPS for gross profit.

^)Changing the method of inventory valuation such as changing from FIFO to WA should be reported in the financial statements under what qualitative characteristic of accounting information?

Select one: Relevance Timeliness Verifiability Comparability

4 Relevance and faithful representation are the two fundamental qualities that make accounting information useful for decision making.

Select one: True False

5)An implicit assumption of the International Accounting Standards Boards (IASBs) Conceptual Framework is that

Select one: All of the choices are correct. Users need reasonable knowledge of business and financial accounting matters to understand the information contained in financial statements. General-purpose financial reporting is the primary source of information for users of financial reporting. Information must be decision-useful to all potential users of financial reporting.