The following selected items relate to the qualitative

characteristics of #8459
The following selected items relate to the qualitative characteristics of useful fi nancial
information discussed in this chapter:1. Comparability 2. Completeness 3. Confirmatory value 4.
Cost constraint 5. Faithful representation 6. Freedom from error or bias 7. Materiality8.
Neutrality9. Predictive value10. Relevance11. Timeliness12. Understandability13.
VerifiabilityMatch each characteristic to one of the statements below:(a) ________ Information
that has predictive value, confirmatory value, and is material is said to have this fundamental
qualitative characteristic.(b) ________ Information that is complete, neutral, and reasonably free
of error is said to have this fundamental qualitative characteristic.(c) ________ This enhancing
qualitative characteristic requires that similar companies should apply the same accounting
principles to similar events for successive accounting periods.(d) ________ This quality results
in information that has nothing important omitted.(e) ________ This constraint requires that the
value of the information presented should be greater than the cost of providing it.(f) ________
Public accountants perform audits to determine this enhancing qualitative characteristic.(g)
________ This quality requires that information cannot be selected to favour one position over
another.(h) ________ This enhancing qualitative characteristic describes information that a
reasonably informed user can interpret and comprehend.(i) ________ When information
provides a basis for forecasting profits for future periods, it is said to have this quality.(j)
________ This quality describes information that confirms or corrects users' prior
expectations.(k) ________ This enhancing qualitative characteristic requires that information be
available to decision makers before it loses its ability to influence their decisions.(l) ________
Faithful representation means that information is complete, neutral, and this third quality.(m)
________ This quality allows items of insignificance that would not likely influence a decision
not to be disclosed.View Solution:
The following selected items relate to the qualitative characteristics of

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