Which of the Following Is Not a Key Point of the Framework

question 53

Multiple Choice

Which of the following is not a key point of the Framework?

• A) Relevance and reliability are the primary qualitative characteristics that financial information should possess.
• B) Consistency should not be an end in itself.
• C) The concept of prudence should always take precedence over reliability.
• D) Financial information may lose its relevance if there is undue delay in reporting it.

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Definitions:

Equally Likely

A term used in probability to describe events that have the same chance of occurring.

Probability

A numerical value representing the chance of an event's occurrence, between 0 and 1, where 0 stands for impossible and 1 for certain.

Ace of Spades

A specific playing card in a deck, often considered the highest card in the suit of spades and sometimes associated with special significance.

Total Count

The complete number of items or entities in a given set or group.