7th Edition

ISBN: 9781118162286

Author: Kimmel, Paul D.

Publisher: John Wiley & Sons Inc

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Textbook Question

Chapter 2, Problem 2.10BE

Here are some qualitative characteristics of useful accounting information:

1. Predictive value

2. Neutral

3. Verifiable

4. Timely

Match each qualitative characteristic to one of the following statements.

_____ (a) Accounting information should help provide accurate expectations about future events.

_____ (b) Accounting information cannot be selected, prepared, or presented to favor one set of interested users over another.

_____ (c) The quality of information that occurs when independent observers, using the same methods, obtain similar results.

_____ (d) Accounting information must be available to decision-makers before it loses its capacity to influence their decisions.

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Chapter 2, Problem 2.9BE

Chapter 2, Problem 2.11BE

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Chapter 2 Solutions

Financial Accounting

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Solution Summary: The author explains that useful information should have predictive value and confirmatory value. Faithful representation requires that accounting information be complete, neutral, interpretable, and able to comprehend.

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Chapter 2 Solutions