In 1980 the FASB Issued SFAC2,'Qualitative Characteristics of Accounting Information

question 18

Multiple Choice

In 1980 the FASB issued SFAC2,'Qualitative Characteristics of Accounting Information' which differed from its predecessors by:

• A) including extra characteristics
• B) calling for the harmonisation of different versions of the characteristics
• C) dropping several characteristics
• D) arranging the characteristics in a hierarchy

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Definitions:

Exploring Meaning

The process of seeking or interpreting the significance or purpose of something, often within the context of personal experiences or existential questions.

Spiritual Support

Assistance provided to individuals in matters related to spirituality, faith, and religion, often aimed at offering comfort and guidance.

Prayer Cloth

A piece of cloth that is typically anointed and prayed over, often used in various religious contexts for healing and blessing.

Muslim

A follower of Islam, a monotheistic Abrahamic religion based on the teachings of the Quran.