WGU C252 ACCT 6301 Accounting Research & Critical Thinking Objective Assessment Guide Q & A 2026 (Complete And Verified Study material) (25pages) LEARNEXAMS

1. Multiple Choice: Which of the following is a qualitative characteristic of useful financial information according to the IFRS Framework? a) Comparability b) Verifiability c) Timeliness d) All of the above Answer: d) All of the above Rationale: The IFRS Framework identifies comparability, verifiability, and timeliness as qualitative characteristics that make financial information useful. 2. True/False: The going concern principle assumes that a business will continue to operate indefinitely. Answer: True Rationale: The going concern principle is an accounting assumption that a company will continue its operations in the foreseeable future. 3. Fill-in-the-Blank: The __________ is the principle that requires revenue