TOPIC 1 CF

Below are fundamental qualitative characteristics of useful financial information under relevance EXCEPT:

• Complete

• Predictive value

• Confirmatory value

• Material

Neutral information means:

• No errors in the information or omission of information

• Information is not slanted, weighted, emphasized, deemphasized or manipulated.

• No error in the process used to produce the information

• Includes all information necessary for users to understand the business standing

Enhancing qualitative characteristics are:

• Comparability

• Verifiability

• Timeliness

• All of the above

Providers have to incur costs in collecting, processing, verifying and disseminating financial information to produce useful financial information

• TRUE

• FALSE

Elements of financial statements include:

• Assets

• Equity

• Income

• All of the above