Lab Quiz #2 Solution

Lab Quiz #2 Solution - a. Information that is measured and...

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Lab Quiz 2 Name____________________________ Section : 8:00 – 9:15am 9:30 – 10:45am 1. Which of the following is a fundamental characteristic of useful accounting information? a. Comparability. b. Relevance. c. Neutrality. d. Materiality. 2. What is meant by comparability when discussing financial accounting information? a. Information has predictive or confirmatory 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. 3. What is meant by consistency when discussing financial accounting information?
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Unformatted text preview: 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. 4. Which of the following is an ingredient of relevance? a. Verifiability. b. Neutrality. c. Timeliness. d. Materiality . 5. Which of the following is an ingredient of faithful representation? a. Predictive value. b. Materiality. c. Neutrality . d. Confirmatory value....
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This note was uploaded on 03/20/2012 for the course ACCT 401 taught by Professor Winchel during the Spring '10 term at South Carolina.

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