According to the FASB's Conceptual Framework,which of the Following Relates

question 65

Multiple Choice

According to the FASB's conceptual framework,which of the following relates to both relevance and reliability? Consistency Verifiability

• A) Yes Yes
• B) Yes No
• C) No Yes
• D) No No

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Definitions:

Simple Rate

An interest calculation method where interest is not compounded on earned interest, instead applied only on the principal amount.

Principal Plus Interest

It is the total amount due that includes the original amount borrowed (principal) in addition to the charged interest on that principal.

Cheque Accounting

The handling and record-keeping of cheques within the accounting practices of an individual or organization.

Interest Earning

Relates to the income generated from investing or depositing funds in interest-bearing financial instruments.