Question Details

Which of the following is an ingredient of relevance 



1.	What is meant by comparability when discussing financial accounting information?
a.	Information has predictive or feedback value.
b.	Information is reasonably free from error.
c.	Information that is measured and reported in a similar fashion across companies.
d.	Information is timely.

	2.	What is meant by consistency when discussing financial accounting information?
a.	Information that is measured and reported in a similar fashion across points in time.
b.	Information is timely.
c.	Information is measured similarly across the industry.
d.	Information is verifiable.

3.	Which of the following is an ingredient of relevance ?
a.	Completeness.
b.	Representational faithfulness.
c.	Neutrality.
d.	Predictive value.

	4.	Which of the following is an ingredient of faithful representation?
a.	Predictive value.
b.	Timeliness.
c.	Neutrality.
d.	Feedback value.
	5.	Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
a.	Understandability.
b.	Verifiability.
c.	Timeliness.
d.	Comparability.



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