Question

Which quality or characteristic is not outlined in Statement of Financial Concepts No. 2?

-Relevance.
-Materiality.
-Timeliness.
-Transparency.
-All of the above is in the No. 2 statement

Answer 1

Transparency is not outlined in Statement of Financial Concepts No. 2.

Step-by-step explanation:

The quality or characteristic that is not outlined in Statement of Financial Concepts No. 2 is Transparency.

Statement of Financial Concepts No. 2 outlines the following qualities: Relevance, Materiality, Timeliness, and Transparency is not included.

Transparency refers to providing clear, accurate, and easily understandable financial information to users. While it is an important quality in financial reporting, it is not specifically outlined in Statement of Financial Concepts No. 2.