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Match the Following Qualitative Characteristics of Financial Statements to the Appropriate

Question 135

Matching

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

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

Correct Answer:

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