Individual primary users have different and possibly conflicting information needs and desires. , Statement 1: Focusing on common information needs does not prevent the reporting entity from including additional information that is most useful to a particular subset of primary users. Statement 2:
Individual primary users have different and possibly conflicting information needs and desires. , Statement 1: Focusing on common information needs does not prevent the reporting entity from including additional information that is most useful to a particular subset of primary users. Statement 2:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Choose the letter of the correct answers.
Transcribed Image Text:Individual primary users have different and possibly
conflicting information needs and desires.
9. Statement 1:
Statement 2: Focusing on common information needs does not
prevent the reporting entity from including additional
information that is most useful to a particular subset
of primary users.
а.
Only the first statement is correct.
b. Only the second statement is correct.
С.
Both statenments are correct.
d.. Neither of the statements is correct.
10. Statement 1:
The usefulness of financial information is enhanced if
it is reliable, verifiable, timely, comparable, consistent,
and understandable.
Financial statements that are faithfully representative
of what they purport to represent is capable of making
a difference in the decision made by users.
Statement 2:
а.
Only the first statement is correct.
b. Only the second statement is correct.
С.
Both statements are correct.
d. Neither of the statements is correct.
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