Which of the following best describes the importance of qualitative characteristics as part of the conceptual framework of financial reporting?
A)Relevance and representational faithfulness must always be present.
B)Representational faithfulness may be traded off.
C)Timeliness is a fundamental qualitative characteristic.
D)All of these

Question

Quizplus · Accepted Answer

Relevance and representational faithfulness are fundamental qualitative characteristics that must always be present in financial reporting to ensure that the information is useful to users.

Which of the Following Best Describes the Importance of Qualitative