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AICPA Exam CPA-Financial Topic 2 Question 2 Discussion
Actual exam question for
AICPA's
CPA Financial Accounting and Reporting exam
Question #: 2
Topic #: 2
[All CPA Financial Accounting and Reporting Questions]
Topic #: 2
According to the FASB conceptual framework, which of the following relates to both relevance and reliability?
Suggested Answer:
A
Choice "a" is correct. Comparability and consistency are secondary qualities of both relevance and reliability. SFAC 2 para. 111-122
Choice "b" is incorrect. Feedback value is a key characteristic of relevance only.
Choice "c" is incorrect. Verifiability is a key characteristic of reliability only.
Choice "d" is incorrect. Timeliness is a key characteristic of relevance only.
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