E2-2B (Usefulness Objective of Financial Reporting Qualitative Characteristics)

E2-2B (Usefulness Objective of Financial Reporting Qualitative Characteristics) Indicate whether thefollowing statements about the conceptual framework are true or false. If false provide a brief explanationsupporting your position.(a) The fundamental qualitative characteristics that make accounting information useful are relevanceand verifiability.(b) Relevant information has predictive value confirmatory value or both.(c) Conservatism a prudent reaction to uncertainty is considered a constraint of financial reporting.(d) Information that is a faithful representation is characterized as having predictive or confirmatoryvalue.(e) Comparability pertains only to the reporting of information in a similar manner for differentcompanies.(f) Verifiability is solely an enhancing characteristic for faithful representation.(g) In preparing financial reports it is assumed that users of the reports have reasonable knowledgeof business and economic activities.