According to the Conceptual Framework Which of the Following Are

question 20

Multiple Choice

According to the Conceptual Framework which of the following are included in the fundamental qualitative characteristics that accounting information should have? I. Relevance
II. Reliability
III. Faithful Representation
IV. Understandability

• A) I.
• B) I. and II.
• C) II. and III.
• D) I., II., III. and IV.

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Definitions:

Values

Fundamental beliefs or ideals shared by the members of a culture about what is good or bad and desirable or undesirable.

Cultural Evolution

The process whereby cultures develop and propagate according to systems of belief or behavior that contribute to the success of a society.

Biological Evolution

The process through which species of organisms undergo change over time through variation, reproduction, and natural selection, leading to the emergence of new species.

Faster

Relates to speed; being quicker in movement, action, or progress as compared to another reference point or unit.