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1. Which of the following is not a qualitative characteristic of accounting information according to...

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Accounting

1. Which of the following is not a qualitative characteristic of accounting information according to the FASBs conceptual framework?
a. Predictive value
b. Neutrality
c. Timeliness
d. Auditor independence
2. The Financial Accounting Standards Board (FASB)
a. Is a division of the Securities and Exchange Commission (SEC)
b. Is responsible for setting auditing standards that all auditors must follow
c. Consists entirely of members of the American Institute of Certified Public Accountants
d. Is a private body that helps set accounting standards in the United States
3. Confirmatory value is an ingredient of the primary quality of
a. Relevance only
b. Faithful representation only
c. Relevance and Faithful representation
d. Neither Relevance nor Faithful representation
4. Completeness is an ingredient of the primary quality of
a. Verifiability
b. Faithful representation
c. Relevance
d. Understandability
5. The objective of financial reporting for business enterprises is based on
a. Generally accepted accounting principles
b. The need for conservatism
c. The needs of the users of the information
d. None of the above

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