Multiple Choice Questions on According to the Conceptual Framework for Financial Reporting which qualitative characteristics enha........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

According to the Conceptual Framework for Financial Reporting which qualitative characteristics enha...........

General Accounting Principles Introduction to Accounting
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    According to the Conceptual Framework for Financial Reporting, which qualitative characteristics enhance the usefulness of information that is relevant and faithfully represented?

    Comparability, understandability, timeliness, verifiability. 

    Correct Answer

    Consistency, prudence, measurability, verifiability. 

    Incorrect Answer

    Consistency, reliability, measurability, timeliness. 

    Incorrect Answer

    Materiality, understandability, measurability, reliability.

    Incorrect Answer
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    Explanation:

    Financial reporting is the disclosure of financial results and related information to management and external stakeholders (e.g., investors, customers, regulators) about how a company is performing over a specific period of time.

    By: DATTA DINKAR CHAVAN
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    Let's Discuss

    SUSHIL KUMAR

    For relevancy there should be materiality otherwise please check question no 35

    0 0 reply

    NIHARIKA WALIA

    the reason for choosing is verifiability. In the choice where there is materiality the other aspects are missing so it cannot be the one due to other relevant points included.

    0 0 reply
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