E2-4

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

comparability

Quality of information that confirms users' earlier expectations.

confirmatory value

Imperative for providing comparisons of a company from period to period.

comparability (consistency)

Ignores the economic consequences of a standard or rule.

Neutrality

Requires a high degree of consensus among individuals on a given measurement.

verifiability

Predictive value is an ingredient of this primary quality of information

relevance

Four qualitative characteristics that are related to both relevance and faithful representation

comparability, timeliness, verifiability, understandability

An item is not recorded because its effect on income would not change a decision

materiality

Neutrality is an ingredient of this primary quality of accounting information.

faithful representation

Two primary qualities that make accounting information useful for decision-making purposes

relevance, faithful representation

Issuance of interim reports is and example of what primary ingredient of relevance

timeliness

E2-4 - Subjecto.com

E2-4

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

comparability

Quality of information that confirms users’ earlier expectations.

confirmatory value

Imperative for providing comparisons of a company from period to period.

comparability (consistency)

Ignores the economic consequences of a standard or rule.

Neutrality

Requires a high degree of consensus among individuals on a given measurement.

verifiability

Predictive value is an ingredient of this primary quality of information

relevance

Four qualitative characteristics that are related to both relevance and faithful representation

comparability, timeliness, verifiability, understandability

An item is not recorded because its effect on income would not change a decision

materiality

Neutrality is an ingredient of this primary quality of accounting information.

faithful representation

Two primary qualities that make accounting information useful for decision-making purposes

relevance, faithful representation

Issuance of interim reports is and example of what primary ingredient of relevance

timeliness

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