Question Details

Which of the following is a fundamental quality of useful accounting information 



1.	The objective of financial reporting in the International Accounting Standards Board- (IASB-) Conceptual Framework 
a.	Is the foundation for the Framework.
b.	Includes the qualitative characteristics that make accounting information useful.
c.	Is found on the third level of the Framework.
d.	All of the choices are correct regarding the objective of financial reporting.

	2.	An implicit assumption of the International Accounting Standards Board- (IASB-) Conceptual Framework is that
a.	Information must be decision-useful to all potential users of financial reporting.
b.	General-purpose financial reporting is the primary source of information for users of financial reporting.
c.	Users need reasonable knowledge of business and financial accounting matters to understand the information contained in financial statements.
d.	All of the choices are correct.

	3.	The overriding criterion by which accounting information can be judged is that of
a.	usefulness for decision making.
b.	freedom from bias.
c.	timeliness.
d.	comparability.

	4.	Which of the following is a fundamental quality of useful accounting information?
a.	Comparability.
b.	Relevance.
c.	Consistency.
d.	Materiality.
	5.	Which of the following is a fundamental quality of useful accounting information ?
a.	Conservatism.
b.	Comparability.
c.	Faithful representation.
d.	Consistency.



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