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Question 16 Financial information is capable of making a difference in decisions If it provides feedback about confirms or changes) previous evaluations. Both a and b. If it can be used as an input to processes employed by users to predict future outcomes. O Neither a nor b. Question 25 1 pts Which statement is correct regarding enhancing qualitative characteristics O Sometimes, one enhancing qualitative characteristic may have to be diminished to maximize another qualitative characteristic. All the statements are correct Applying the enhancing qualitative characteristics is an iterative process that does not follow a prescribed order The enhancing qualitative characteristics, either individually or as a group, cannot make information useful that information is irrelevant or not faithfully represented. Question 26 1 pts The conceptual framework includes a cost-benefit constraint. Which of the following best describes the cost- benefit constraint? Financial information should be free from cost to users of the information All of the choices are correct Costs of providing financial information are not always evident or measurable, but must be considered The benefits of the information must be greater than the costs of providing it. Question 30 1 pts According to the conceptual Framework, which of the following, is the underlying assumption relating to financial statements The accounts have been prepared on an accruals basis The information is free from material error or bias Users are assumed to have sufficient knowledge to be able to understand the financial statements The business is expected to continue in operation for the foreseeable future Question 31 1 pts Which statement is incorrect regarding a reporting entity? A reporting entity does not comprise an arbitrary or incomplete collection of assets, liabilities, equity, Income and expenses O A reporting entity could be a portion of an entity or comprise more than one entity A reporting entity is an entity that is required, or chooses, to prepare financial statements A reporting entity should be a legal entity