79. When information about two different enterprises has been prepared and presented in a similar manner, the information exhibits the characteristic of

a. relevance.

b. faithful representation.

c. consistency.

d. none of these. Comparability

80. The second level of the International Accounting Standards Boards (IASBs) Conceptual Framework

1. provides conceptual building blocks that explain the qualitative characteristics of accounting information.
2. defines the elements of financial statements.
3. serves as a bridge between the why of accounting and the how of accounting.
4. all of the choices are correct.

83. In the International Accounting Standards Boards (IASBs) Conceptual Framework, an ingredient of a fundamental qualitative characteristic is

1. Neutrality. (faithful representation)
2. Verifiability.
3. Timeliness.
4. Understandability.

84. In the International Accounting Standards Boards (IASBs) Conceptual Framework, a fundamental qualitative characteristic is

1. Materiality.
2. Faithful representation.
3. Decision usefulness.
4. Neutrality.

85. To be a faithful representation as described by the International Accounting Standards Boards (IASBs) Conceptual Framework, information must be all of the following except:

1. Complete.
2. Free from error.
3. Confirmatory.
4. Neutral.

86. Enhancing qualities as described by the International Accounting Standards Boards (IASBs) Conceptual Framework, include all of the following except:

1. Comparability.
2. Neutrality. (ingredient of faithful representation)
3. Understandability.
4. Verifiability.