Qualitative characteristics of accounting information

1. 1Quality of information that permits users to identify similarities in and diff erences between two sets
   of economic phenomena.

   1. ARelevance
   2. BFaithful representation
   3. CComparability
   4. DCompleteness
2. 2Having information available to users before it loses its capacity to influence decisions.

   1. ATimeliness
   2. BNeutrality
   3. CPredictive value
   4. DConfirmatory value
3. 3Information about an economic phenomenon that has value as an input to the processes used by
   capital providers to form their own expectations about the future.

   1. APredictive value
   2. BConfirmatory value
   3. CRelevance
   4. DCompleteness
4. 4Information that is capable of making a difference in the decisions of users in their capacity as capital providers.

   1. ARelevance
   2. BCompleteness
   3. CFaithful representation
   4. DComparability
5. 5Absence of bias intended to attain a predetermined result or to induce a particular behavior.

   1. ANeutrality
   2. BCompleteness
   3. CConfirmatory value
   4. DTimeliness
6. 6Quality of information that assures users that information represents the economic phenomena that
   it purports to represent.

   1. AFaithful representation
   2. BFree from error
   3. CCompleteness
   4. DConfirmatory value
7. 7Information about an economic phenomenon that corrects past or present expectations based
   on previous evaluations.

   1. AConfirmatory value
   2. BCompleteness
   3. CUnderstandability
   4. DTimeliness
8. 8The extent to which information is accurate in representing the economic substance of a transaction.

   1. AFree from error
   2. BNeutrality
   3. CRelevance
   4. DCompleteness
9. 9Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.

   1. ACompleteness
   2. BTimeliness
   3. CRelevance
   4. DNeutrality
10. 10 Quality of information that allows users to comprehend its meaning

    1. AUnderstandability
    2. BRelevance
    3. CNeutrality
    4. DCompleteness

11. 11Qualitative characteristic being employed when companies in the same industry are using the same
    accounting principles.
    

    1. AComparability
    2. BConfirmatory value
    3. CMateriality
    4. DFree from error
12. 12Quality of information that confirms users’ earlier expectations.

    1. AConfirmatory value
    2. BCompleteness
    3. CVerifiability
    4. DRelevance
13. 13Imperative for providing comparisons of a company from period to period.

    1. AComparability
    2. BRelevance
    3. CNeutrality
    4. DVerifiability
14. 14Ignores the economic consequences of a standard or rule.

    1. ANeutrality
    2. BRelevance
    3. CVerifiability
    4. DFree from error
15. 15Requires a high degree of consensus among individuals on a given measurement.

    1. AVerifiability
    2. BTimeliness
    3. CRelevance
    4. DConfirmatory value
16. 16Predictive value is an ingredient of this fundamental quality of information.

    1. ARelevance
    2. BNeutrality
    3. CCompleteness
    4. DTimeliness
17. 17Four qualitative characteristics that are related to both relevance and faithful representation.

    1. AComparability, Verifiability, Timeliness, Understandability
    2. BPredictive value, Timeliness, Free from error, Confirmatory value
    3. CRelevance, Neutrality, Verifiability, Completeness
    4. DUnderstandability, Confirmatory Value, Materiality, Free from Error
18. 18An item is not recorded because its effect on income would not change a decision.

    1. AMateriality
    2. BFree from error
    3. CConfirmatory value
    4. DRelevance
19. 19Neutrality is an ingredient of this fundamental quality of accounting information.

    1. AFaithful representation
    2. BCompleteness
    3. CUnderstandability
    4. DPredictive value
20. 20Two fundamental qualities that make accounting information useful for decision-making purposes.

    1. ARelevance, Faithful representation
    2. BConfirmatory value, Timeliness
    3. CVerifiability, Understandability
    4. DFree from Error, Materiality
21. 21Issuance of interim reports is an example of what enhancing quality of relevance?

    1. ATimeliness
    2. BPredictive value
    3. CVerifiability
    4. DUnderstandability

Description

12th grade ACC 321 Quiz on Untitled, created by Kyle Stefanski on 15/02/2021.

Author

Kyle Stefanski

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English

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