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AICPA Exam CPA-Financial Topic 3 Question 89 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 89
Topic #: 3
[All CPA-Financial Questions]

According to the FASB conceptual framework, predictive value is an ingredient of:

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Suggested Answer: C

Choice 'c' is correct. Expensing insurance premiums when paid (rather than allocating them to the periods benefited) is a correction of an error in previously presented financial statements.


by Margret at Jun 01, 2024, 04:30 PM

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Peggy
15 hours ago
Hmm, I'm not too sure about this one. Maybe I should re-read the FASB conceptual framework section on qualitative characteristics. Predictive value... relevance... decisions... *scratches head*
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Janae
5 days ago
Option B seems like the right answer here. Predictive value is definitely one of the key qualitative characteristics of useful accounting information according to the FASB framework.
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Reta
5 days ago
Well, I think predictive value is more aligned with Option C because it helps in making future decisions based on financial information.
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Nydia
10 days ago
I disagree, I believe it is an ingredient of Option B.
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Reta
13 days ago
I think predictive value is an ingredient of Option A.
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