Day: January 4, 2025

Accounting Multiple Choice Question – 4 January 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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According to the Conceptual Framework for Financial Reporting to support the effective working of capital markets for the benefit of businesses, then financial statements must have which ONE of fundamental qualitative characteristics listed below?

Select ONE answer:

  1. Relevance
  2. Comparability
  3. Timeliness
  4. Verifiability

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

  1. Correct == > Relevance is one of the fundamental characteristics that investors will be able to rely on them in making their decisions. Comparability, Timeliness and Verifiability are enhancing characteristics to this fundamental characteristic.
  2. Not correct
  3. Not correct
  4. Not correct

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