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:

Fiduciary Duty

An obligation to act in the best interest of another party, typically in a relationship where trust and confidence are essential.

Duty Of Care

An obligation to take steps to avoid foreseeable harm; an essential element for establishing liability in the tort of negligence.

Breach Of Fiduciary Duty

A legal violation that occurs when a trusted individual or entity fails to act in the best interests of those they owe a duty to.

Director

An individual appointed to the board of an organization, responsible for guiding its policy and direction.