Solved

Match the Following Qualitative Characteristics of Financial Statements to the Appropriate

Question 114

Matching

Match the following qualitative characteristics of financial statements to the appropriate code:

Premises:
Accounting information reports the economic reality of a transaction, not its legal form.
Information is available to decision makers before the information loses its ability to influence decision.
All of the information necessary to show the economic reality of transactions is provided.
Information is free from bias that is intended to attain a predetermined result.
Information makes a difference in a decision.
Users are assured that the financial information shows the economic reality of the transaction.
Responses:
Relevance
Timeliness
Faithful representation
Verifiable
Neutral
Complete

Correct Answer:

Accounting information reports the economic reality of a transaction, not its legal form.
Information is available to decision makers before the information loses its ability to influence decision.
All of the information necessary to show the economic reality of transactions is provided.
Information is free from bias that is intended to attain a predetermined result.
Information makes a difference in a decision.
Users are assured that the financial information shows the economic reality of the transaction.
Related Questions

Q106: The following are independent situations observed by

Q107: A number of unrelated transactions recorded by

Q108: There are several ways the recognition and

Q109: Shediac Bay Sailing Inc. sold $175,500 of

Q110: Presented below are some business transactions that

Q111: The following are independent situations observed by

Q112: For each of the independent situations described

Q113: The following transactions occurred during 2014:
1. A

Q115: Match the items below by entering the

Q116: For each of the situations, identify the

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents