Match the following statements below with the qualitative characteristics. b. C. d. e. Quality of information that assures users that information represents the economic phenomena that it purports to represent. Information about an economic phenomenon that corrects past or present expectations based on previous evaluations. The extent to which information is accurate in representing the economic substance of a transaction. Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent. Quality of information that allows users to comprehend its meaning. For each item below, indicate to which category of elements of financial statements it belongs. a. Retained earnings. Sales. b. j P Gains Assets Additional paid-in capital. Equity (Investments by owners) Inventory. Assets Liabilities e. Depreciation. Loss on sale of equipment. Liabilities & Interest payable. h. Dividends. Gain on sale of investment.