The conceptual framework Indicates the desired fundamental and enhancing qualitative characteristics of accounting information Several constraints impede achieving these desired characteristics. Answer each of the following questions related to these characteristics and constraints. 0.76 points Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset? eBook Donald Kirk, former chairman of the FASB, once noted that ... there must be public confidence that the standard setting system is credible, that selection of board members is based on merit and not the influence of special interests..." Which characteristic is implicit in Mr. Kirk's statement? References 4 5. Alied Appliances, Inc., changed its revenue recognition policies. Which characteristic is jeopardized by this change? National Bancorp, a publicly traded company, files quarterly and annual financial statements with the SEC. Which characteristic is relevant to the timing of these periodic filings? In general relevant information possesses which qualities? When there is agreement between a measure or description and the phenomenon ipurports to represent, information possesses which characteristic? Jell Brown is evaluating two companies for future investment potential Jeff's task is made easier because both companies use the same accounting methods when preparing their financial statements, Which characteristic does the information Jeff will be using possess? A company should disclose information only if the perceived benefits of the disclosure exceed the cost of providing the information, which constraint does this statement describe? 8 he purchase of a ter as an asset? t"... there must redible, that influence of Kirk's statement? Comparability policies. Which Consistency Cost effectiveness Faithful representation erly and annual is relevant to the ies? the purchase of a printer as an asset? Faithful representation that"... there must s credible, that the influence of Mr. Kirk's statement? Materiality on policies. Which Neutrality Predictive value and/or confirmatory value uarterly and annual stic is relevant to the Timeliness