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
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
_____ 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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