The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB's conceptual framework sets forth the qualitative characteristic of _____ that refers to the faithfulness with which accounting information represents what it purports to represent and the extent to which the information is both verifiable by independent measurers and
neutral with respect to the interest of a particular user group.
a. relevance
b. reliability
c. comparability
d. materiality
e. understandability
B
You might also like to view...
If a company applies overhead to production with a predetermined overhead rate, a credit balance in the Factory Overhead account at the end of the period means that:
A. The bookkeeper has made an error because the debits don't equal the credits. B. The overhead was underapplied for the period. C. The balance will be carried forward to the next period as an overhead cost. D. Actual overhead incurred was less than the overhead amount applied to production. E. Actual overhead was greater than the overhead amount applied to production.
What compiles all of the metadata about the data elements in the data model?
A. Data entity B. Data element C. Data attribute D. Data dictionary
What needs are associated with Alderfer's ERG Theory?
What will be an ideal response?
A change in sales has no effect on margin and turnover.
Answer the following statement true (T) or false (F)