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Questions and Answers
What is the condition for an item to be recognized according to the recognition criteria?
What is the condition for an item to be recognized according to the recognition criteria?
- It has a probable future economic benefit to the entity.
- It has a cost or value that can be measured with reliability and has a probable future economic benefit to the entity. (correct)
- It has a probable future economic benefit to the entity only.
- It has a cost or value that can be measured with reliability only.
What does the term 'reliability' refer to in the context of financial information?
What does the term 'reliability' refer to in the context of financial information?
- The completeness of the information.
- The information being complete, neutral, and free from error. (correct)
- The accuracy of the information.
- The information being relevant to the user.
What is the purpose of verifiability according to the Framework?
What is the purpose of verifiability according to the Framework?
- To ensure the accuracy of the information.
- To ensure the relevance of the information.
- To ensure the completeness of the information.
- To help assure users that information faithfully represents the economic phenomena it purports to represent. (correct)
What is the primary characteristic of reliable information?
What is the primary characteristic of reliable information?
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What is the new requirement for information stated in the Framework (para. QC12)?
What is the new requirement for information stated in the Framework (para. QC12)?
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