Homework help:

Please identify the term being described.

1. A fundamental characteristic of a financial information which enables it to make a difference in the decisions made by users. 2. Omission of such information could influence decisions that users make on the basis of financial information about a specific reporting entity 3. A fundamental qualitative characteristic of a financial information which states that the information should be CS Scanned with complete, neutral and free from error CamScanner4. Without bias in the selection or presentation of financial10. 11. V 12. 13'. 14. 15.. '16. y.' 5. Scanned with 'CS CamScanner information Qualitative characteristic that enables users to identify _ and understand similarities in, and differences among, 1tems Qualitative characteristic that enables users to identify and understand similarities in, and differences among, items Refers to the use of the same methods for the same items. either from period to period within a reporting entity or in . a single period among entities Different knowledgeable and independent - observers could reach consensus, although not necessarily complete agreement that a particular depiction is a faithful representation I Having information available to decision makers in time to be capable of inuencing their decisions Classifying, characterizing and presenting information clearly nd concisely .,'-. Assumes that the entity has neither the intention nor . the need to liquidate or curtail materially the scale of its operations A resource controlled by the entity as a result of past events and from which future economic benets are expected to ow to the entity A present obligation of the entity arising from past events, the settlement of which is expected to result in an outow from the entity of resources embodying economic benets Residual interest' 1n the assets of the entity after deducting all its liabilities increases in economic benets during the accounting period 1n the form of inows or enhancements of assets ' or decreases of liabilities that result 1n increases in equity, other than those relating to contributions from equity participants Decreases in economic benets during the accounting period in the form of outows or depictions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants , ' , . _