Which qualitative characteristic is an ingredient of reliability? a. Predictive value b. Feedback value c. Timeliness d. Neutrality According to Statement of Financial Accounting Concepts No. 2, is an ingredient of: a. Comparability b. Reliability c. Representational faithfulness d. Relevance In order to be relevant, accounting information should have: a. Timeliness b. Verifiability c. Neutrality d. Representational faithfulness Which of the following qualitative characteristics may have to be sacrificed in order to achieve timeliness? a. Relevance b. Reliability c. Comparability d. Predictive value Which one of the following assumptions or principles most logically supports the preparation of a single set of consolidated financial statements that combines the financial information of several wholly owned hut separately identifiable businesses? a. Historical cost b. Industry practices c. Entity d. Materiality According to the recognition criteria established for revenue, revenue is normally recognized: a. During production b. At the completion of production c. At the point of sale d. When the cash is received from the customer For fixed-price construction contracts that require more than one accounting period to complete and for which the costs can be reasonably estimated, revenue should be recognized: a. During production b. At the completion of production c. When title to the project is transferred to the buyer d. When the cash is received from the buyer