The ConceptualFramework states that an important implication of the qualitative characteristic of comparability is that: Select one: a. it will allow different users of the information to come to a consensus. b. if there is a choice of accounting methods one method should be chosen and then applied throughout the life of the entity. c. users will be informed of the accounting policies used in the preparation of the financial reports, plus any changes to those policies and the effects of those changes. d. it will be used to predict outcomes of past, present or future events. is the qualitative characteristic that simplifies complex transactions in external financial reports without sacrificing the relevance or faithful representation of those reports. Select one: a. comparability. b. verifiability c. timeliness. d. understandability. Which of the following pairs of qualitative characteristics are most likely to be in conflict? Select one: a. Understandability and timeliness b. Relevance and faithful representation c. Relevance and comparability d. Comparability and verifiability Under the ConceptualFramework, which of the following is not a characteristic of a liability? Select one: a. It must be a present obligation of the entity. b. It must be a legal debt. c. It must result from a past transaction or event. d. It is expected to result in an outflow of economic resources