The qualitative characteristics outlined in the FASB's conceptual framework include:

Fundamental Characteristics Enhancing Characteristics

Relevance Faithful Representation

Confirmatory value Completeness Comparability

Predictive value Neutrality Verifiability

Materiality Free from error Timeliness

Understandability

Required:

Select the qualitative characteristic that best applies to each of the following independent situations. $($Note: Each of the $10$ characteristics is used once and only once.$)$