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Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. RelevanceComparability, Verifiability, Timeliness, and UnderstabilityTimelinessFaithful RepresentationPredictive valueComparabilityConfirmatory ValueFree From
Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. | RelevanceComparability, Verifiability, Timeliness, and UnderstabilityTimelinessFaithful RepresentationPredictive valueComparabilityConfirmatory ValueFree From ErrorNeutralityRelevance and Faithful RepresentationMaterialityCompletenessVerifiabilityUnderstandability | |||
(b) | Quality of information that confirms users earlier expectations. | TimelinessMaterialityRelevanceUnderstandabilityRelevance and Faithful RepresentationComparability, Verifiability, Timeliness, and UnderstabilityFaithful RepresentationPredictive valueCompletenessConfirmatory ValueVerifiabilityFree From ErrorComparabilityNeutrality | ||
(c) | Imperative for providing comparisons of a company from period to period. | MaterialityVerifiabilityConsistencyFree From ErrorRelevance and Faithful RepresentationUnderstandabilityComparability, Verifiability, Timeliness, and UnderstabilityPredictive valueRelevanceConfirmatory ValueTimelinessFaithful RepresentationNeutralityCompleteness | ||
(d) | Ignores the economic consequences of a standard or rule. | ComparabilityFree From ErrorUnderstandabilityRelevance and Faithful RepresentationComparability, Verifiability, Timeliness, and UnderstabilityMaterialityCompletenessTimelinessVerifiabilityRelevancePredictive valueFaithful RepresentationConfirmatory ValueNeutrality | ||
(e) | Requires a high degree of consensus among individuals on a given measurement. | ComparabilityVerifiabilityNeutralityRelevanceCompletenessTimelinessFree From ErrorMaterialityUnderstandabilityComparability, Verifiability, Timeliness, and UnderstabilityRelevance and Faithful RepresentationFaithful RepresentationPredictive valueConfirmatory Value | ||
(f) | Predictive value is an ingredient of this fundamental quality of information. | Relevance and Faithful RepresentationVerifiabilityNeutralityPredictive valueRelevanceCompletenessMaterialityConfirmatory ValueUnderstandabilityComparabilityTimelinessFree From ErrorFaithful RepresentationComparability, Verifiability, Timeliness, and Understability | ||
(g) | Four qualitative characteristics that are related to both relevance and faithful representation. | TimelinessConfirmatory ValueMaterialityFree From ErrorNeutralityCompletenessRelevance and Faithful RepresentationComparabilityFaithful RepresentationComparability, Verifiability, Timeliness, and UnderstabilityVerifiabilityUnderstandabilityRelevancePredictive value | ||
(h) | An item is not recorded because its effect on income would not change a decision. | MaterialityUnderstandabilityFree From ErrorComparability, Verifiability, Timeliness, and UnderstabilityFaithful RepresentationComparabilityRelevance and Faithful RepresentationCompletenessRelevancePredictive valueConfirmatory ValueNeutralityTimelinessVerifiability | ||
(i) | Neutrality is an ingredient of this fundamental quality of accounting information. | RelevanceUnderstandabilityTimelinessVerifiabilityFaithful RepresentationPredictive valueCompletenessNeutralityMaterialityConfirmatory ValueComparabilityFree From ErrorRelevance and Faithful RepresentationComparability, Verifiability, Timeliness, and Understability | ||
(j) | Two fundamental qualities that make accounting information useful for decision-making purposes. | |
On the question above please choose what is the right asnwer below that would match the above question please.
1.Relevance
2. Comparability, verify, timeliness, undanstablity
3. Timelliness
4. Faith Representation
5. Predictive Valve
6. Comparability
7. Confirmatory Valve
8. Free From Error
9. Neutrality
10. Relevance, and faithful Representation
11. Materiality
12. Completness
13. verifiability
14. Undestandability
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