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USCPA每日一练之FAR【2015-11-5】

高顿网校2015-11-05 09:46Lynn.yu
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　　Under Statement of Financial Accounting Concepts 8, which of the following relates to both relevance and faithful representation?

　　A. Completeness.

　　B. Neutrality.

　　C. Timeliness.

　　D. Predictive value.

　　Answer:C

　　C is corrent because faithful representation and relevance are the two fundamental qualities of accounting information. Timeliness is an enhancing quality of both.

　　A is incorrect because completeness is an ingredient of the fundamental quality of faithful representation, but does not relate to relevance.

　　B is incorrect because neutrality is an ingredient of the fundamental quality of faithful representation, but does not relate to relevance.

　　D is incorrect because per SFAC 8, predictive value relates to relevance but not faithful representation.

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