Under the Conceptual Framework the four enhancing qualitative characteristics for general purpose financial statements are:
A) reliability, timeliness, conservatism and understandability.
B) timeliness, comparability, uniqueness and reliability.
C) timeliness, understandability, verifiability and comparability.
D) comparability, verifiability, timeliness and competition.

Question

Quizplus · Accepted Answer

According to the Conceptual Framework for Financial Reporting, the four enhancing qualitative characteristics for general purpose financial statements are timeliness, understandability, verifiability and comparability. Reliability is already a primary qualitative characteristic, while conservatism and uniqueness are not included in the framework.

Under the Conceptual Framework the Four Enhancing Qualitative Characteristics for General