(d) (c) (b) Question 1 of 1 Current Attempt in Progress 71 E The IASB has identified the qualitative characteristics that make accounting information useful. Presented below are a number of questions related to these qualitative characteristics and underlying constraint. (a) Sicila Distributors switches from FIFO to average cost to FIFO over a 2-year period. Which qualitative characteristic of accounting information is not followed? Assume that the profession permits the savings and loan industry to defer losses on investments it sells because immediate recognition of the loss may have adverse economic consequences on the industry. Which qualitative characteristic of accounting information is not followed? (Do not use relevance or faithful representation.) A prominent business person at one time noted, "If it becomes accepted or expected that accounting principles are determined or modified in order to secure purposes other than economic measurement, we assume a grave risk that confidence in the credibility of our financial information system will be undermined." Which qualitative characteristic of accounting information should ensure that such a situation will not occur? (Do not use faithful representation.) What are the two fundamental quales that make accounting information useful for decision-making? pot issue its quarter report until after the second mounting is