ACC 421 Week 2 Exercises E2-2, E2-4, and E2-7 in Ch. 2 and Exercise E3-5 in Ch. 3

May 8th, 2015
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ACC 421 Week 2 Exercises E2-2, E2-4, and E2-7 in Ch. 2 and Exercise E3-5 in Ch. 3

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E2-2(Qualitative Characteristics) The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance Timeliness Representational faithfulness ReliabilityVerifiability Comparability Predictive valueNeutrality Consistency Feedback valueInstructionsIdentify the appropriate qualitative characteristic(s) to be used given the information provided below. a. Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. Comparabilityb. Quality of information that confirms users' earlier expectations. Feedback Valuec. Imperative for providing comparisons of a company from period to period. Consistencyd. Ignores the economic consequences of a standard or rule. Neutralitye. Requires a high degree of consensus among individuals on a given measurement. Verifiabilityf. Predictive value is an ingredient of this primary quality of information. Relevanceg. Two qualitative characteristics that are related to both relevance and reliability. Comparability & Consistencyh. Neutrality is an ingredient of this primary quality of accounting information. Reliabilityi. Two primary qualities that make accounting information useful for decision-making purposes. Relevance & Reliabilityj. Issuance of interim reports is an example of what primary ingredient of relevance? TimelinessE2-4 (Assumptions, Principles, and Constraints) Presented below are the assu

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