What are the qualitative characteristics for financial reporting contained in the Conceptual Framework?
A) Relevance, reliability, materiality, consistency, verifiability, understandability
B) Understandability, timeliness, relevance, readability, timeliness, reliability
C) Relevance, faithful representation, comparability, understandability, verifiability, timeliness
D) Uniformity, relevance, reliability, consistency, faithful representation

Question

Quizplus · Accepted Answer

The six qualitative characteristics for financial reporting contained in the Conceptual Framework are relevance, faithful representation, comparability, understandability, verifiability, and timeliness. Option C correctly identifies all six. Option A includes all but comparability, whereas option B lists some characteristics not included in the Conceptual Framework, such as readability. Option D includes some characteristics not included in the Conceptual Framework, such as uniformity.

What Are the Qualitative Characteristics for Financial Reporting Contained in the Conceptual