Reference no: EM132684631

Problem 1: Which one of the following is not considered to be an enhancing qualitative characteristic to ensure the usefulness of information that is already relevant and faithfully represented in terms of The Conceptual Framework for Financial Reporting 2018?

1) Completeness;

2) Comparability;

3) Timeliness;

4) Understandability.

Problem 2: Which one of the following is not an objective of financial statements to provide information of an entity that is useful to a wide range of users when making economic decisions as set out by IAS 1?

1) Statement of financial position;

2) Statement of financial performance;

3) Statement of cash flows;

4) Statement of budget forecasts.