Question 3:

Below is a list of the qualitative characteristics identified by IFRS. Following the list is a series of descriptive phrases.

1. confirmatory value g. verifiability
2. relevance h. consistency
3. decision usefulness i. representational faithfulness
4. reliability j. timeliness
5. comparability k. neutrality
6. predictive value

____ 1. When information can make a difference in a decision.

____ 2. Making information available when it is needed.

____ 3. When accounting policies and procedures are unchanged from period to period.

____ 4. When information is verifiable and neutral.

____ 5. Occurs when the measurement results can be duplicated.

____ 6. The overall qualitative characteristic accounting information should possess.

____ 7. When information enables decision makers to confirm prior expectations.

____ 8. When accounting information is reported the same way by different companies.

____ 9. Accounting information should help users form expectations about the future.

____ 10. Does not give the appearance of biased information.

____ 11. The information must be complete and free from errors.

Required:

Match each characteristic with the appropriate phrase.