11. Identify the appropriate qualitative characteristic(s) to be used given the information provided below. Relevance Neutrality Verifiability Faithful Representation Completeness Understandability Predictive value Timeliness Comparability Confirmatory Value Materiality Free from error (a)Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. (b)Quality of information that confirms users' earlier expectations. (c)Imperative for providing comparisons of a company from period to period. (d) Predictive value is an ingredient of this fundamental quality of information. (e)An item is not recorded because its effect on income would not change a decision. (f)Neutrality is an ingredient of this fundamental quality of accounting information. (e)Two fundamental qualities that make accounting information useful for decision-making purposes. (h)Issuance of interim reports is an example of what enhancing quality of relevance? 12. Presented below are a number of operational guidelines and practices that have developed over time. Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) (a)Each enterprise is kept as a unit distinct from its owner or owners. (b)All significant post-balance-sheet events are disclosed. (c) Revenue is recorded when the product is delivered. (d)All important aspects of bond indentures are presented in financial statements. (e)The use of consolidated statements is justified