In the conceptual framework, what are the two types of qualitative characteristics of financial information?
A) fundamental and enhancing
B) point-in-time and period-of-time
C) recognition and measurement
D) elements and principles

Question

Quizplus · Accepted Answer

The two types of qualitative characteristics of financial information in the conceptual framework are fundamental and enhancing. Fundamental characteristics include relevance and faithful representation, while enhancing characteristics include comparability, verifiability, timeliness, and understandability.

In the Conceptual Framework, What Are the Two Types of Qualitative