Which of the characteristics is not necessary in order for accounting information to provide faithful representation?

a.conservative.

b.free from error.

c.complete.

d.neutral.

Consistency of information means that:

a.the information would influence a decision.

b.different companies use the same accounting principles.

c.the amounts involved are material.

d.a company uses the same accounting principles and methods from year to year.

Comparability of information results when:

a.the information would influence a decision.

b.different companies use the same accounting principles.

c.the amounts involved are material.

d.a company uses the same accounting principles and methods from year to year.

5.The periodicity assumption:

a.indicates that the company will continue in operation long enough to carry out its existing objectives.

b.requires that financial statements be prepared each month.

c.states that the life of a business can be divided into artificial time periods.

d.is an example of a constraint.

6. Current liabilities include:

a.obligations to be paid within the coming year.

b.accounts payable.

c.wages payable.

d.all of these answer choices are correct.