The Conceptual Framework states that an important implication of the qualitative characteristic of comparability is that:
A) It will be used to predict outcomes of past,present or future events
B) It will be used to assess the representational faithfulness of the financial reports
C) Users will be informed of the accounting policies used in the preparation of the financial reports
D) If there is a choice of accounting methods one method should be chosen and then applied throughout the life of the entity
Correct Answer:
Verified
Q10: Though the AASB has developed a set
Q12: Which is the body responsible for administering
Q14: According to the Conceptual Framework information that
Q15: GAAP stands for:
A)Government Accepted Accounting Principles
B)Generally Accepted
Q16: The statement concerning the Urgent Issues Group
Q18: Which of these is a fundamental purpose
Q19: The primary reasons for developing a conceptual
Q20: Under SAC 1,which entity is the least
Q21: In 2000 the Australian government established the
Q22: The capital maintenance concept underlying the traditional
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