E2.4 (LO2) (Qualitative Characteristics) The qualitative characteristics that make accounting

information useful for decision-making purposes are as follows.

Relevance

Faithful representation

Predictive value

Confirmatory value

Neutrality

Completeness

Timeliness

Materiality

Verifiability

Understandability

Comparability

Free from error

Instructions

Identify the appropriate qualitative characteristic(s) to be used given the information provided

below.

a. Qualitative characteristic being displayed 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. Ignores the economic consequences of a standard or rule.

e. Requires a high degree of consensus among individuals on a given measurement.

f.Predictive value is an ingredient of this fundamental quality of information.

g. Four qualitative characteristics that enhance both relevance and faithful representation.

h. An item is not reported because its effect on income would not change a decision.

i. Neutrality is a key ingredient of this fundamental quality of accounting information.

j. Two fundamental qualities that make accounting information useful for decision making

purposes.

k. Issuance of interim reports is an example of what enhancing ingredient?