Question: 24. According to the Conceptual Framework for Financial Reporting, which of the following is not an enhancing qualitative characteristic of information in financial statements? A

24. According to the Conceptual Framework for Financial Reporting, which of

24. According to the Conceptual Framework for Financial Reporting, which of the following is not an enhancing qualitative characteristic of information in financial statements? A Accuracy. B. Timeliness. C. Comparability. 25. Which of the following is not a constraint on the financial statements according to the Conceptual Framework? A. Understandability B. Benefit versus cost. C. Balancing of qualitative characteristics. 26. The assumption that an entity will continue to operate for the foreseeable future is called: accrual basis. B. comparability. C. going concern 27. The assumption that the effects of transactions and other events are recognized when they occur, not when the cash flows occur, is called: A. relevance. B. accrual basis. C. going concern. 28. Neutrality of information in the financial statements most closely contributes to which qualitative characteristic? A Relevance. B. Understandability C. Faithful representation. A

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