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All the following are standards of accounting information except a. flexibility b. reliability. c. understandability, d. relevance. According to the FASB. the usefulness of accounting is judged by which of the following two prime qualitative characteristics of accounting information? a. Comparability and neutrality b. understandability and comparability C. verifiability and timeliness d. Relevance and reliability The qualitative characteristic of faithful representation contains all the following features except a. Complete b. verifiability c. neutral d. free from material error. Accounting information should make a difference to the outcome of a decision, according to the qualitative characteristic of a. reliability b. relevance c. Understandability d. verifiability The user can depend on the accuracy of financial information when which of the following qualitative characteristic has been followed? a. Relevance b. Faithful representation c. Understandability d. Timeliness The lower-of-cost-or-market method of accounting for inventories follows the convention of a. full disclosure b. materiality c. Conservatism d cost-benefit The convention of consistency refer to consistent use of accounting principles a. among firms b. within a given accounting period c. Within industries d. among accounting periods. A practical decision to expense small capital expenditures rather than record them as property, plant, and equipment and depreciate them probably is made on the basis of the conversion of a. Conservatism b. Consistency