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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
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 it 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. 1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Accrual-basis assumption 6. Historical cost principle 7. Fair value principle 8. Expense recognition principle 9. Full disclosure principle 10. Revenue recognition principle 11. Cost constraint
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