Listed below are the fundamental and enhancing qualitative characteristics that make accountinginformation useful.. Relevance. Faithful representation. Comparability. Verifiability. Timeliness. UnderstandabilityRequired:1. Match the appropriate qualitative characteristic with the statements below (items can beused more than once).a. When information is provided before it loses its ability to influence decisions, it has thischaracteristic.b. When several accountants can agree on the measurement of an activity, the informationpossesses this characteristic.c. If users can comprehend the meaning of the information, the information is said to havethis characteristic.d. If information confirms prior expectations, it possesses this characteristic.e. If information helps to predict future events, it possesses this characteristic.f. Freedom from bias is a component of this characteristic.g. When several companies in the same industry use the same accounting methods, thisqualitative characteristic exists.h. Information that accurately portrays an economic event satisfies this characteristic.2. CONCEPTUAL CONNECTION Explain the purpose of the conceptual framework.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Listed below are the fundamental and enhancing qualitative characteristics that make accounting
information useful.
. Relevance
. Faithful representation
. Comparability
. Verifiability
. Timeliness
. Understandability
Required:
1. Match the appropriate qualitative characteristic with the statements below (items can be
used more than once).
a. When information is provided before it loses its ability to influence decisions, it has this
characteristic.
b. When several accountants can agree on the measurement of an activity, the information
possesses this characteristic.
c. If users can comprehend the meaning of the information, the information is said to have
this characteristic.
d. If information confirms prior expectations, it possesses this characteristic.
e. If information helps to predict future events, it possesses this characteristic.
f. Freedom from bias is a component of this characteristic.
g. When several companies in the same industry use the same accounting methods, this
qualitative characteristic exists.
h. Information that accurately portrays an economic event satisfies this characteristic.
2. CONCEPTUAL CONNECTION Explain the purpose of the conceptual framework.
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