The company's financial statements notes:

Multiple Choice

• Are relatively important facts that don't belong to the basic financial statements.

• Document the source of financial statement facts, like literary footnotes.

• Are an integral part of a company's financial statements.

• Are relevant facts but are immaterial in amount.

Depreciation policy are appropriate example of:

Multiple Choice

• predictive value

• monetary unit assumption

• going concern assumption

• Timeliness.

The IASB conceptual framework's qualitative characteristics of accounting information include:

Multiple Choice

• Measurement.

• Relevance.

• Realization.

• Full disclosure.

The conceptual framework for financial reporting consists of eight chapters in which chapter 3 descripes the elements of financial statements.

True or False

The IASB's conceptual framework lists Relevance and Materiality as the two fundamental qualitative that make accounting information useful for decision making.

True or False