According to the FASB's Conceptual Framework, Which of the Following $\quad\quad\text { Consistency } \underline{\text { Verifiability }}$

question 77

Short Answer

According to the FASB's conceptual framework, which of the following relates to both relevance and reliability?
$\quad\quad\text { Consistency } \underline{\text { Verifiability }}$
$\begin{array}{lll}\text { A. } & \text { Yes } \quad\quad\quad& \text { Yes } \\\text { B. } & \text { Yes } & \text { No } \\\text { C. } & \text { No } & \text { Yes } \\\text { D. } & \text { No } & \text { No }\end{array}$

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Definitions:

Emotional Satisfaction

A state of contentment and fulfillment derived from emotional experiences.

External Locus

A belief that one's life events are primarily due to external forces or situations beyond one's control.

Locus of Control

A psychological concept referring to the extent to which individuals believe they have power over events in their lives.

Athletic Contests

Competitive physical activities or games which, through casual or organized participation, aim to use, maintain or improve physical ability and skills.