## Question

###### VISINI quamative characterist is nur present? E2.3 (LO2) video (Qualitative Characteristics) The qualitative characteristics that make...

VISINI quamative characterist is nur present? E2.3 (LO2) video (Qualitative Characteristics) The qualitative characteristics that make accounting information useful include: Relevance Neutrality Representational faithfulness Verifiability Completeness Understandability Freedom from crror Timeliness Comparability Feedback value Consistency Predictive value Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. a. The qualitative characteristic being employed when companies in the same industry are using the same accounting policies. b. Quality of information that confirms users' earlier expectations. c. Necessary for providing comparisons of a company from period to period. d. Ignorés the economic consequences of a standard. e. Requires a high degree of consensus among individuals on a given measurement. f. Predictive value is an ingredient of this hindamental quality of information. 8. Four qualitative characteristics that are related to both relevance and faithful representation. h. Neutrality is an ingredient of this fundamental quality of accounting information. 1. Two fundamental qualities that make accounting information useful for decision-making purposes, j. Issuance of interim reports is an example of this enhancing quality of relevance. 52.4 (L03) (Elements of Financial Statements The elements

## Answers

Answers(a) Comparability (b) Feedback value (c) Consistency (d) Neutrality (e) Verifiability (f) Relevance (g) Comparability, consistency,Timeliness,Verifiability, (h) Reliability (i) Relevance & Reliability (j) Timeliness

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