Answer
a.
i. Constancy and comparability in the employment of accounting standards.
ii. Wide-ranging and aligned canons and practices of accounting.
iii. Swift resolution of emergent tricky and unprecedented accounting situations.
b
The conceptual framework accentuates two ultimate qualities. The conceptual framework emphasizes the importance of relevance in accounting information. Relevant information infers that the info will be weighty during the decision-making. Consequently, a user will depend on it to avail material particulars to be leveraged when seeking corroborations or making forecasts about the reporting entity. Second, the conceptual framework underlines the consequence of faithful representation (which encompasses impersonal and comprehensive accounting information with no inaccuracies and misstatements).
c.
Understandability: Understandable accounting info can be processed effortlessly by the users. The organization and portrayal of accounting information augment its understandability.
Verifiability: Verifiability transpires when matching results are attained by different measurers that exploit corresponding methodologies, such as inventory valuation.
Timeliness: Timeliness is accomplished when users access the accounting information promptly. The information should be obtainable when the decision-makers require it, and it should be factored into the decision-making.
Work Step by Step
N/A
