Which of the Following Are Considered in the IASB Conceptual

question 59

Multiple Choice

Which of the following are considered in the IASB Conceptual Framework as primary qualitative characteristics?

• A)relevance, faithful representation, materiality and comparability
• B)relevance, faithful representation, timeliness and understandability
• C)relevance, faithful representation, understandability and comparability
• D)materiality, faithful representation, understandability and comparability

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Definitions:

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.

Total Revenue

The total amount of money generated by the sale of goods or services related to the company's primary operations.

Elastic

Describes a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Unit Elastic

A demand or supply situation where a percentage change in price leads to an equal percentage change in quantity demanded or supplied.