1. Which of the following are included in the 4. According to the FASB and IASB

Question

1. Which of the following are included in the 4. According to the FASB and IASB conceptual frame- Accounting Standards Codification? work, neutrality is a component of I. Financial Accounting Standards Board (FASB) I. faithful representation IL. relevance statements of financial accounting standards II. International Financial Reporting Standards (IFRS) A. I only B. II only C. Both I and II D. Neither I nor II A. I only B. Il only C. Both I and II D. Neither I nor II 5. Which of the following is a fundamental qualitative characteristic of financial reporting? I. Relevance II. Faithful representation 2. The objectives of financial reporting for business enterprises, as set forth by the FASB conceptual framework, are based on: A. SEC reporting requirements B. generally accepted accounting principles on B. II only C. Both I and II D. Neither I nor II (GAAP) C. the needs of users of the information D. materiality 6. According to the FASB and IASB conceptual frame- work, which of the following is an enhancing (rather than fundamental) qualitative characteristic of financial reporting 3. According to the FASB and International Accounting Standards Board (IASB) conceptual framework, rel- evance includes which of the following qualitative characteristics? I. Predictive value II. Confirmatory value A. I only B. II only C. Both I and II D. Neither I nor II I. Comparability II. Verifiability A. I only B. II only C. Both I and II D. Neither I nor II 257

Explanation / Answer

Question Number Answer 1 Option A. is correct 2 Option C. is correct 3 Option C. is correct 4 Option A. is correct 5 Option C. is correct 6 Option C. is correct

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