Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness
PROBLEM
Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases.
a. feedback value
b. relevance
c. decision usefulness
d. reliability
e. comparability
f. predictive value
g. varifiability
h. consistency
i. representational faithfulness
j. timeliness
k. neutrality
_____ 1. When information can make a difference in a decision.
_____ 2. Making information available when it is needed.
_____ 3. When accounting policies and procedures are unchanged from period ro period.
_____ 4. When information is verifiable and neutral.
_____ 5. Occurs when the measurement results can be duplicated.
_____ 6. The overall qualitative characteristics accounting information should possess.
_____ 7. When information enables decision makers to confirm prior expectations.
_____ 8. When accounting information is reported the same way by different companies.
Required:
Match each characteristic with the appropiate phrase.
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