Which of the following is not a qualitative characteristic of accounting information according to the FASBs conceptual framework?
a Predictive value
b Neutrality
c Timeliness
d Auditor independence
The Financial Accounting Standards Board FASB
a Is a division of the Securities and Exchange Commission SEC
b Is responsible for setting auditing standards that all auditors must follow
c Consists entirely of members of the American Institute of Certified Public Accountants
d Is a private body that helps set accounting standards in the United States
Confirmatory value is an ingredient of the primary quality of
a Relevance only
b Faithful representation only
c Relevance and Faithful representation
d Neither Relevance nor Faithful representation
Completeness is an ingredient of the primary quality of
a Verifiability
b Faithful representation
c Relevance
d Understandability
The objective of financial reporting for business enterprises is based on
a Generally accepted accounting principles
b The need for conservatism
c The needs of the users of the information
d None of the above
