Generally accepted accounting principles
A.
are fundamental truths or axioms that can be derived from laws of nature.
B.
derive their authority from legal court proceedings.
C.
derive their credibility and authority from general recognition and acceptance by the accounting profession.
D.
have been specified in detail in the FASB conceptual framework.

In the conceptual framework for financial reporting, what provides "the why"--the goals and purposes of accounting?
A.
Measurement and recognition concepts such as assumptions, principles, and constraints
B.
Qualitative characteristics of accounting information
C.
Elements of financial statements
D.
Objective of financial reporting

Enhancing qualities include all of the following except
A.
timeliness
B.
comparability.
C.
verifiability.
D.
materiality.