[Whatdidyou]

Here is a question I don’t get:

According to the FASB conceptual framework, which of the following relates to both relevance and reliability?

a. Predictive Value

b. Materiality

c. Neutrality

d. Timeliness

Answer is B. But I thought Timeliness was one of the enhancing qualitative characteristics that related to both of them and that Materiality only related to relevance? Thanks.

REG - Passed!!
BEC - Passed
FAR - Passed
AUD - Passed

Study Materials: Becker basic course

[Anonymous]

Saw this earlier in becker practice test too. Not sure either. Becker says nothing about it. In for answer before Friday

[Red315]

When I answer this I base it on relevaence because materiality is one of the components or relevence (with predictive and confirming value). Reliability is not a fundamental characteristic nor is it an enhancing.

That is how I selected materiality.

Jeanne Aparicio

B - 75 (11/2011, First Attempt)
A - 88 (2/2012, First Attempt)
R - 89 (5/2012, First Attempt)
F - 79 (8/31/2012 First Attempt)

I AM DONE!!!!!! BECKER IS AWESOME!!!!

Licensed Florida CPA 09/2012

[joshuahuskers]

@Red315…so then why not A. Predictive Value?

AUD - 99 (7/31/12)
FAR - 90 (8/29/12)
REG - 10/2012
BEC - 10-11/2012

[Red315]

Good question. I didn't realize on this question that predictive value was one of the choices.

It doensn't make sense.

Jeanne Aparicio

B - 75 (11/2011, First Attempt)
A - 88 (2/2012, First Attempt)
R - 89 (5/2012, First Attempt)
F - 79 (8/31/2012 First Attempt)

I AM DONE!!!!!! BECKER IS AWESOME!!!!

Licensed Florida CPA 09/2012

[joshuahuskers]

Yeah, this question is puzzling…I really think the answer should be timeliness.

AUD - 99 (7/31/12)
FAR - 90 (8/29/12)
REG - 10/2012
BEC - 10-11/2012

[momto5]

I know some of these changed between 2011 and 2012. (My son has the 2011 book which lists different characteristics than the 2012 book had, under different main headings.) Very confusing. Maybe they used an old question with newer material?

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Author]

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