Two primary qualities that make accounting information useful for decision-making purposes
  • relevance
  • faithful representation
  • relevance, faithful representation
  • comparability (consistency)
Predictive value is an ingredient of this primary quality of information
  • materiality
  • verifiability
  • timeliness
  • relevance
Neutrality is an ingredient of this primary quality of accounting information.
  • comparability (consistency)
  • verifiability
  • faithful representation
  • confirmatory value
Requires a high degree of consensus among individuals on a given measurement.
  • comparability
  • verifiability
  • Neutrality
  • materiality
Ignores the economic consequences of a standard or rule.
  • verifiability
  • Neutrality
  • materiality
  • relevance
Quality of information that confirms users' earlier expectations.
  • confirmatory value
  • faithful representation
  • comparability (consistency)
  • comparability
Four qualitative characteristics that are related to both relevance and faithful representation
  • comparability (consistency)
  • comparability, timeliness, verifiability, understandability
  • verifiability
  • comparability
Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.
  • comparability
  • comparability, timeliness, verifiability, understandability
  • verifiability
  • comparability (consistency)
Imperative for providing comparisons of a company from period to period.
  • faithful representation
  • comparability, timeliness, verifiability, understandability
  • comparability (consistency)
  • comparability
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