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Instructions Question 1 1 pts Which statement is incorrect regarding the Conceptual Framework for Financial Reporting? O is not a PFRS and hence does not define standards for any particular measurement or disclosure issue. O Describes the objective of, and the concepts for, general purpose financial reporting, O Prevails in cases where there is conflict with a PFRS. O Serves as a guide in developing future PFRSs and as a guide to resolving accounting issues that are not addressed directly in existing PFRSs. Question 2 1 pts Question 7 1 pts The primary users' of financial information include 1. Existing and potential investors II Existing and potential lenders and other creditors III User group such as employees, customers, government and their agencies, and the public O I only I and III only I, II and IIT I and II only D Question 11 1 pts They are interested in information about trends and recent developments in the prosperity of the enterprise and the range of its activities Lenders Customers Public Investors Question 12 1 pts These are the attributes that make the information provided in financial statements useful to users, O Qualitative characteristics Basic features 0 Basic assumptions Basic elements Question 23 Vhich statement relates to comparability? Financial reports are prepared for users who have a reasonable knowledge of business and economie activities and who review and analyze the information with diligence, Different knowledgeable and independent observers could reach consensus, although not necessaril- complete agreement, that a particular depiction is a faitlul representation. Information is available to decision- makers in time to be capable of influencing their decisions. Enables users to identify and understand similarities in, and differences among, items