Exercise 24 Identify the appropriate qualitative characteris

Exercise 2-4 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 Imperative for providing comparisons of a company from period to period. (c) (d) Ignores the economic consequences of a standard or rule. Requires a high degree of consensus among individuals on a given measurement. (e) Predictive value is an ingredient of this fundamental quality of information (f) wa 1/21/2018

Solution

a Comparibility b Feedback value/Confirmatory value c Consistency(comparibility) d Neutrality e Verifiability f Relevance g Comparibility,Verifiability,Timeliness,Understandability h Materiality i Faithful representation j Relevance and Faithful representation(Reliability) h. Timeliness