Accounting measurements are enhanced by the presence of the qualities of relevance (predictive and confirmatory value), comparability, verifiability, timeliness, and faithful representation. For each of the following, indicate the quality demonstrated:

1. The value assigned to equipment is checked by referring to the original invoice. 2. Predictions concerning this years income, issued 12 months ago, are compared with th actual results to assess the accuracy of the prediction. 3. Past trends are used to forecast this years sales. 4. An outside expert is retained to assess the value of the recorded amounts for tangible a intangible capital assets. 5. Adjustments are made to financial statements that both increase and decrease net inco despite the managers preference to report lower net income. 6. Financial statements are issued four weeks after the year-end, even though this require the use of estimates for some elements. 7. Preferred shares that have to be repaid on a given date are classified as a liability desp their legal status as equity. 8. The company releases estimates of operating results for the coming year, based on its budgets. 9. Cash received in advance of work done is recorded as a liability, unearned revenue. 10. Lawyers provide an estimate of the companys potential liability for product defects.