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Which of the following are not enhancing qualitative characteristics of useful financial information as identified...

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Accounting

  1. Which of the following are not enhancing qualitative characteristics of useful financial information as identified in The Conceptual Framework?

Item I Predictive.

Item II Influencing.

Item III Comparable.

Item IV Relevance.

    1. I, II and III only
    2. I, II and IV only
    3. I, III and IV only
    4. II, III and IV only
  2. Which of the following statements about enhancing qualitative characteristics of financial statements is not correct?
    1. Fair values of assets that cannot be verified in an active market should not be disclosed in the financial statements.
    2. The financial statements of similar entities adopting different asset measurement bases can be adequately compared.
    3. The value of invoices not yet received from suppliers for services should be estimated at financial year end for reporting purposes.
    4. Financial statements should be presented with the assumption that a reasonable and informed third person will know how to analyse financial information.
  3. What effect does a framework have on an accountant's need to exercise professional judgement?
    1. Reduces the scope for professional judgement.
    2. Increases the scope for professional judgement.
    3. Eliminates the scope for professional judgement.
    4. Has no impact on the scope for professional judgement.

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