FS reporting concept

Question 1

When presenting its financial information, Uptop Corp.’s reported information can be used to predict future outcomes.

Answer 1

Relevance & Predictive value

Question 2

Uptop Corp. allows the user to have all information that is pertinent and necessary to coming to an appropriate decision.

Answer 2

Faithful representation & Completeness

Question 3

Uptop Corp. presents financial information in a timely manner so that they will receive it in time to have the ability to reach their decisions.

Answer 3

Enhancing characteristic & Timeliness

Question 4

When presenting its financial information, Uptop Corp.’s information offers feedback about evaluations previously made by users.

Answer 4

Relevance & Confirmatory value

Question 5

When presenting its financial information, Uptop Corp. describes that if an omission or misstatement of the information could affect the decisions made by users.

Answer 5

Relevance & Materiality

Question 6

Uptop Corp. presents financial information without any omissions or errors when selecting reporting processes.

Answer 6

Faithful representation & Freedom from error