The following selected items relate to the qualitative characteristics and the constraint on of useful financial information discussed in this chapter:

1. Comparability
2. Completeness
3. Confirmatory value
4. Cost constraint
5. Faithful representation
6. Free from material error
7. Materiality
8. Neutrality
9. Predictive value
10. Relevance
11. Timeliness
12. Understandability
13. Verifiability

Match each characteristic to one of the statements below:

1. ____ Information that has predictive and confirmatory value and is material has this fundamental qualitative characteristic.
2. ____ Information that is complete, neutral, and free of material error has this fundamental qualitative characteristic.
3. ____ Public accountants perform audits to determine this enhancing qualitative characteristic.
4. ____ This quality requires that we should not select information to favour one position over another.
5. ____ This enhancing qualitative characteristic describes information that a reasonably informed user can interpret and comprehend.
6. ____ When information provides a basis for forecasting income for future periods, it is said to have this quality.
7. ____ This enhancing qualitative characteristic requires that similar companies should apply the same accounting principles to similar events for successive accounting periods.
8. ____ This quality results in information that has nothing important omitted.
9. ____ This restriction requires that the value of the information presented should be greater than the cost of providing it.
10. ____ This quality describes information that confirms or corrects users prior expectations.
11. ____ This enhancing qualitative characteristic requires that information be available to decision makers before it loses its ability to influence their decisions.
12. ____ Faithful representation means that information is complete, neutral, and this third quality.
13. ____ This quality allows items of insignificance that would not likely influence a decision not to be disclosed.

Identify bases of measurement.