Which One of the Following Is a Fundamental Qualitative Characteristic

question 90

Multiple Choice

Which one of the following is a fundamental qualitative characteristic?

• A)relevance
• B)timeliness
• C)understandability
• D)comparability

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Definitions:

Fair Values

The monetary amount expected from selling an asset or required to cover a liability, in a well-organized deal among market stakeholders, at the time of assessment.

Control

The power to govern the financial and operating policies of an organization so as to obtain benefits from its activities.

Investee

A company or entity in which an investor holds an interest, typically through ownership of shares.

Acquisition Cost

The total cost associated with acquiring an asset or investment, including the purchase price and all related expenses.