The two types of qualitative characteristics specified in the Conceptual Framework are:
A) relevance and reliability
B) faithful representation and relevance
C) comparability and verifiability
D) understandability and timeliness

Question

Quizplus · Accepted Answer

The two types of qualitative characteristics specified in the Conceptual Framework are faithful representation and relevance. Relevance is the accounting information being capable of making a difference in decision-making and influential to users. In contrast, faithful representation is the accounting information being complete, accurate, and free from any material errors, omissions, or bias.

The Two Types of Qualitative Characteristics Specified in the Conceptual