Please select the foundation principle, qualitative characteristic or constraint most closely associated with each statement. Only one response per statement.

Users have access to accounting information before it loses its ability to influence decisions.

when preparing accounting information, it must be unbiased and not favour one set of interested users over another.

Users can identify and understand similarities in, and differences among, items.

The cost of preparing financial information should not exceed the value of that information to users for decision making.

Accounting information has three characteristics: complete (nothing important was omitted), neutral (not biased toward one position or another), and free from material error.

The inclusion, exclusion, or misstatement of quantitative or qualitative information could influence the decisions of users.

A shareholder assumes that a company will continue to operate in the future. Independent, knowledgeable users can agree that the accounting information is faithfully represented.

Accounting information is useful for a user's decision making purposes.

Users with a reasonable knowledge of business can interpret the information presented and comprehend its meaning.

1. Relevance 2. Faithful Representation 3. Comparability 4. Verifiability 5. Timeliness 6. Understandability 7. Neutral 8. Freedom from material error. 9. Going Concern Assumption 10. Cost Constraint 11. Time period (Periodicity) 12. Confirmatory value