Under the Conceptual Framework,the Qualitative Characteristic of Relevance Is Described

question 42

Multiple Choice

Under the Conceptual Framework,the qualitative characteristic of relevance is described as information that:

• A) is of value to users in decision making.
• B) is material.
• C) can be recorded in accounting reports.
• D) can be reliably measured.

---

Definitions:

GAAP

The standard set of guidelines for financial accounting that are widely accepted in a specific jurisdiction, known as Generally Accepted Accounting Principles.

Income Statement

A financial document that shows a company's revenue and expenses over a specific period, ending with the net income or loss for that period.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards for financial reporting widely accepted in the accounting profession.

IFRS

Global accounting standards known as International Financial Reporting Standards, designed for the preparation of financial statements.