Which of the Following Statement(s)is/are True of the Qualitative Characteristic

question 9

Multiple Choice

Which of the following statement(s) is/are true of the qualitative characteristic 'comparability'?

• A) A financial report must show corresponding results for the preceding period.
• B) A financial report must be presented in a consistent manner, hence, an entity must adopt similar accounting policies from period to period even though a more reliable and relevant alternative exist.
• C) A financial report must contain all material and relevant items.
• D) A financial report must show corresponding results for the preceding period and be presented in a consistent manner, hence, an entity must adopt similar accounting policies from period to period even though a more reliable and relevant alternative exist.

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Definitions:

Change

Change refers to the process of becoming different in some particular way, without permanently losing one's or its former characteristics or essence.

Keystone Species

An essential species in an ecosystem that plays a key role in maintaining the balance, wherein its elimination would cause dramatic shifts in the ecosystem's dynamics.

Nutrient Cycling

The movement and exchange of organic and inorganic matter back into the production of living matter.

Resource Availability

The level of availability of various resources (natural, economic, human, etc.) that can be accessed or utilized by organisms, individuals, or societies.