| Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.
| Quality of information that confirms users' earlier expectations.
| Feedback value
| Imperative for providing comparisons of a company from period to period.
| Ignores the economic consequences of a standard or rule.
| Requires a high degree of consensus among individuals on a given measurement.
| Predictive value is an ingredient of this primary quality of information.
| Two qualitative characteristics that are related to both relevance and reliability.
| Comparability and Consistency
| Neutrality is an ingredient of this primary quality of accounting information.
| Two primary qualities that make accounting information useful for decision-making purposes.
| Relevance and Reliability
| Issuance of interim reports is an example of what primary ingredient of relevance?
1. Economic entity assumption
| 5. Historical cost principle
| 9. Cost-benefit relationship
| 2. Going concern assumption
| 6. Matching principle
| 10. Materiality
| 3. Monetary unit assumption
| 7. Expense recognition principle
| 11. Industry practices
| 4. Periodicity assumption
| 8. Full disclosure principle
| 12. Conservatism
| Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a)
| Allocates expenses to revenues in the proper period.
| Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.)
| Ensures that all relevant financial information is reported.
| Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.)
| Anticipates all losses,...
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