Answers is given in the last picture. Please give an explanation of each statement and characteristic.

Problem 3 Listed below are several qualitative characteristics of financial information a. understandability b. usefulness for decision making c. relevance d. reliability e. predictive f. feedback value timely h. verifiable i representational faithfulness j. neutrality k. comparability I. materiality m. benefits of information should exceed its cost Required: Match the letter (or letters) of the characteristics above that goes with each statement below. 1. Two constraints included in the hierarchy. 2. For this quality, the information needs to have predictive and feedback value and be timely 3. These are the qualitative characteristics that are viewed as having the most importance 4. To be reliable, the information needs to have these characteristics. 5. Interacts with relevance and reliability to contribute to the usefulness of information. 6. Two primary qualities that make accounting information useful for decision making 7. For this quality, the information must be verifiable, subject to representational faithfulness, and neutral. 8. To be relevant, the information needs to have these characteristics. ANSWER: PROBLEM 3 Statement Characteristic(s) (e.g. a or b etc) 2 3 Problem 3 Statement Characteristic LM C A, B HI, J K C, D D E, F, G