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.

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Definitions:

Institutionalized

The process of establishing something as a norm or standard within a structured system or organization, often associated with formal rules and conventions.

Superiority of Reason

The belief that reason and logical thinking are the highest means of understanding or solving problems, superior to emotion or faith.

Western Philosophy

A tradition of philosophy that originates in the Western world, encompassing a wide range of theories and philosophical movements from ancient times to the present.

Sexism

Prejudice, stereotyping, or discrimination, typically against women, on the basis of sex.