6. Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c. Neutrality d. representational faithfulness
6. Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c. Neutrality d. representational faithfulness
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:6.
Which qualitative characteristic is an ingredient of relevance?
a. Verifiability
b. Timeliness
e. Neutrality
d. representational faithfulness
7.
Which of the following qualitative characteristics may have to be sacrificed in order to achieve
timeliness?
a. Relevance
b. Reliability
c. Comparability
d. predictive value
Which of the following are considered secondary characteristics of accounting information?
a. verifiability and feedback value
b. predictive value and timeliness
c. comparability and consistency
d. representational faithfulness and neutrality
8.
The four major financial statements of a corporation consist of the
a. income statement, balance sheet, statement of cash flows and statement of changes in
stockholders' equity
b. balance sheet, statement of cash flows, statement of retained eamings, and income
9.
statement
c. income statement, statement of cash flows, statement of owners' equity, and balance sheet
d. statement of cash flows, balance sheet, income statement, and statement of capital equity
10.
All of the following items are classified as accounting assumptions and conventions except for
a going concerm
b. Timeliness
C. monetary unit
d. Entity
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