The following selected items relate to the qualitative characteristics of useful information:

1.		Comparability		7.		Predictive value
2.		Materiality		8.		Consistency
3.		Neutrality		9.		Understandability
4.		Timeliness		10.		Verifiability
5.		Faithful representation		11.		Completeness
6.		Feedback value

Match these qualitative characteristics to the following statements.

(a)		Financial information must be available to decision makers before the information loses its ability to influence their decisions.		select a qualitative characteristic VerifiabilityComparabilityMaterialityUnderstandabilityNeutralityFaithful representationTimelinessCompletenessFeedback valuePredictive valueConsistency
(b)		Financial information provides a basis to evaluate decisions made in the past.		select a qualitative characteristic ComparabilityTimelinessFaithful representationVerifiabilityPredictive valueFeedback valueCompletenessMaterialityConsistencyUnderstandabilityNeutrality
(c)		Financial information cannot be selected, prepared, or presented to favour one set of interested users over another.		select a qualitative characteristic ComparabilityFeedback valueMaterialityConsistencyVerifiabilityCompletenessPredictive valueNeutralityTimelinessFaithful representationUnderstandability
(d)		Financial information reports the economic substance of a transaction, not its legal form.		select a qualitative characteristic UnderstandabilityPredictive valueVerifiabilityFeedback valueCompletenessComparabilityMaterialityNeutralityTimelinessFaithful representationConsistency
(e)		Financial information helps reduce uncertainty about the future.		select a qualitative characteristic UnderstandabilityConsistencyVerifiabilityFaithful representationComparabilityMaterialityTimelinessNeutralityCompletenessFeedback valuePredictive value
(f)		Financial information must be provided in such a way that knowledgeable and independent people agree that it faithfully represents the economic reality of the transaction or event.		select a qualitative characteristic ComparabilityFaithful representationMaterialityNeutralityTimelinessUnderstandabilityFeedback valuePredictive valueConsistencyVerifiabilityCompleteness
(g)		Financial information about one company can be evaluated in relation to financial information from another company.		select a qualitative characteristic VerifiabilityTimelinessNeutralityCompletenessMaterialityComparabilityUnderstandabilityFaithful representationFeedback valuePredictive valueConsistency
(h)		Financial information is provided in a way that enables reasonably informed users to interpret and comprehend the meaning of the information provided in the financial statements.		select a qualitative characteristic ConsistencyMaterialityNeutralityUnderstandabilityFeedback valueVerifiabilityComparabilityCompletenessTimelinessFaithful representationPredictive value
(i)		Financial information in a company is prepared using the same principles and methods year after year.		select a qualitative characteristic Predictive valueUnderstandabilityTimelinessComparabilityVerifiabilityConsistencyMaterialityFaithful representationNeutralityCompletenessFeedback value
(j)		Financial information that is insignificant and not likely to influence a decision does not need to be disclosed.		select a qualitative characteristic Predictive valueTimelinessComparabilityNeutralityVerifiabilityFaithful representationMaterialityFeedback valueConsistencyUnderstandabilityCompleteness
(k)		Financial information includes all information necessary to show the economic reality of the transaction.