ACC 349 E2-2 (Qualitative Characteristics)

ACC 349 E2-2 (Qualitative Characteristics)
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 The file ACC 349 E2 2.1 contains solutions to the following task: "E2-2 (Qualitative Characteristics) The qualitative characteristics that make accounting information useful for decision-making purposes are as follows: Relevance, Timeliness,Representational faithfulness, Reliability, Verifiability, Comparability, Predictive value, Neutrality, Consistency, Feedback value. Identify the appropriate qualitative characteristic(s) to be used given the information provided below."

Business - Accounting
 E2-2  (Qualitative Characteristics)




 The qualitative characteristics that make accounting information useful for decision-making purposes are as follows.

 Relevance      Timeliness          Representational faithfulness Reliability        Verifiability          Comparability Predictive value   Neutrality        Consistency Feedback value

 Instructions

 Identify the appropriate qualitative characteristic(s) to be used given the information provided below.





 (a) Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.  (b) Quality of information that confirms users' earlier expectations.  (c) Imperative for providing comparisons of a company from period to period.  (d) Ignores the economic consequences of a standard or rule.  (e) Requires a high degree of consensus among individuals on a given measurement.  (f) Predictive value is an ingredient of this primary quality of information.  (g) Two qualitative characteristics that are related to both relevance and reliability. (h) Neutrality is an ingredient of this primary quality of accounting information.

 (i) Two primary qualities that make accounting information useful for decision-making purposes.

 (j) Issuance of interim reports is an example of what primary ingredient of relevance?

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