Module 20

Question 1

What are the enhancing qualitative characteristics?

Answer 1

Comparability
Verifiability
Timeliness
Understandability

Question 2

What are the two fundamental qualitative characteristics?

Answer 2

Relevance
- predictive value
- confirmatory value 
Faithful representation 
- complete
- neutral
- free from error

Question 3

What are the measurement bases?

Answer 3

Historical cost
Current cost
Fair value
Value in use and fulfilment value