Below Is a List of Qualitative Characteristics of Accounting

question 4

Short Answer

Below is a list of qualitative characteristics of accounting. Following the list is a series of descriptive phrases.
A) faithful representation
B) timeliness
C) relevance
D) comparability
E) verifiability
F) understandability
_____ 1. When information can make a difference in a decision
_____ 2. Accounting information is reported the same way by different companies.
_____ 3. The information must be capable of being checked for accuracy and completeness.
_____ 4. Making information available early enough to users to help them make decisions
_____ 5. Information must be complete, free from bias, and without material error.
_____ 6. Information must be transparent so it makes sense to reasonably informed users.
Required: Match each characteristic with the appropriate phrase.

• A) faithful representation
• B) timeliness
• C) relevance
• D) comparability
• E) verifiability
• F) understandability
• _____ 1. When information can make a difference in a decision
• _____ 2. Accounting information is reported the same way by different companies.
• _____ 3. The information must be capable of being checked for accuracy and completeness.
• _____ 4. Making information available early enough to users to help them make decisions
• _____ 5. Information must be complete, free from bias, and without material error.
• _____ 6. Information must be transparent so it makes sense to reasonably informed users.
• Required: Match each characteristic with the appropriate phrase.