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.

Benji Borke has prepared the following list of statements about accounting information systems.Identify each statement as true or false. 1.   The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.   select an option                                                           TrueFalse 2.   The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information.   select an option                                                           TrueFalse 3.   Designers of accounting systems must consider the needs and knowledge of various users.   select an option                                                           TrueFalse 4.   If an accounting information system is cost-effective and provides useful output, it does not need to be flexible.   select an option…

There are multiple ways to prepare financial statements such that one set of events can be presented several different ways. This is a because:   a. complexity and uncertainty create the need for judgment by accountants b. accountants often have incomplete information with which to work c. unreasonable estimates distort comparisons

Under this qualitative characteristic, users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence. However, information about complex matters that should be included in the financial statements because of its relevance to the economic decision-making needs of users should not be excluded merely on the grounds that it may be too difficult for certain users to understand