Tha IFPS Concaptual Framework describes tha basic concepts that undarlia the preparation and presantation of financial stataments for axtarnal usars. The qualitative charactaristics of accounting information that distinguish better information from inferior linformation for decision-making purpose are as folaws. [Racuirstants] Identify by number [alphabat] tha "best' appropriate qualitative characteristic to be usad given the dascription or guastion providad below. (1) Changing tha mathod of invsitary valuation should be raportad in tha financal stataments. (2) Decision makars vary widey in the types of decisians they maka, tha mathods of dacision making thay a mplay, the informatizn they aready possess or can oatain from athar saurces, and their ability to process information, Consaguently, for infarmation to be useful thare must ba a linkaga between these users and the decisians they maks. What qualitative charactaristic is this link? (3) Provie ing infarmation availabla to users before it loses its capacity to influence decisions. [4] IAX, Corp. is the anly company in its industry to depreciate its machines on a strigit-ine basis. Which qualitativa characteristic of accounting infortation may nat be prasent? [5] A tobacco campany suppresses infortation about the numarous lawaits that have been filad because of tobacco-ralated haith concarns. Which qualitative charactaristic of accounting informatian may not be prasent? (6) Ignores the scanomic consequences of a standard or rule. (7) Issuance of interim raports is an sxample of what sntancing ingradiant. (8) Four qualitative characteristics that anhanca both ralevance and faithful representation. Tha IFPS Concaptual Framework describes tha basic concepts that undarlia the preparation and presantation of financial stataments for axtarnal usars. The qualitative charactaristics of accounting information that distinguish better information from inferior linformation for decision-making purpose are as folaws. [Racuirstants] Identify by number [alphabat] tha "best' appropriate qualitative characteristic to be usad given the dascription or guastion providad below. (1) Changing tha mathod of invsitary valuation should be raportad in tha financal stataments. (2) Decision makars vary widey in the types of decisians they maka, tha mathods of dacision making thay a mplay, the informatizn they aready possess or can oatain from athar saurces, and their ability to process information, Consaguently, for infarmation to be useful thare must ba a linkaga between these users and the decisians they maks. What qualitative charactaristic is this link? (3) Provie ing infarmation availabla to users before it loses its capacity to influence decisions. [4] IAX, Corp. is the anly company in its industry to depreciate its machines on a strigit-ine basis. Which qualitativa characteristic of accounting infortation may nat be prasent? [5] A tobacco campany suppresses infortation about the numarous lawaits that have been filad because of tobacco-ralated haith concarns. Which qualitative charactaristic of accounting informatian may not be prasent? (6) Ignores the scanomic consequences of a standard or rule. (7) Issuance of interim raports is an sxample of what sntancing ingradiant. (8) Four qualitative characteristics that anhanca both ralevance and faithful representation
