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Instructions For Each Item Below, Indicate the Area of the Conceptual

Question 101

Matching

Instructions
For each item below, indicate the area of the conceptual framework that pertains to that item by selecting the appropriate code.

Premises:
Neutral
Information that is useful in making resource allocation decisions
Confirmatory value
Faithful representation
Owners' equity
Timeliness
Information that is helpful in assessing management's performance
Full disclosure principle
Expense
Comparability-consistency
Responses:
Objective of Financial Reporting
Qualitative Characteristics of Accounting Information
Elements of Financial Statements

Correct Answer:

Neutral
Information that is useful in making resource allocation decisions
Confirmatory value
Faithful representation
Owners' equity
Timeliness
Information that is helpful in assessing management's performance
Full disclosure principle
Expense
Comparability-consistency
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