7. The two fundamental qualities that make accounting information useful for decision making are a. comparability and timeliness. b. materiality and neutrality. C. relevance and faithful representation. d. faithful representation and comparability. 8. According to Statement of Financial Accounting Concepts No. 8, completeness is an ingredient of the fundamental quality(ies) of: Relevance Faithful Representation Yes Nou Yes Yes No No ID No Yes b. 9. According to Statement of Financial Accounting Concepts No. 8, predictive value is an ingredient of the fundamental quality(ies) of: Relevance Faithful Representation a. Yes No Yes Yes No No Yes No 10. When information about two different enterprises has been prepared and presented in a similar manner, the information exhibits the characteristic of a. relevance. b. faithful representation. c. consistency. d. None of these answer choices are correct. 11. A decrease in net assets arising from peripheral or incidental transactions is called a(n) a. capital expenditure. b. cost. c. loss d. expense. 12. Which of the following is not a basic element of financial statements? a. Assets b. Balance sheet Losses