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Economic phenomenon that corrects past or present

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Reference no: EM13513787

Match the qualitative characteristics below with the following statements.

1. Timeliness
2. Completeness
3. Free from error
4. Understandability
5. Faithful representation
6. Relevance
7. Neutrality
8. Confirmatory value

(a) Quality of information that assures users that information represents the economic phenomena that it purports to represent.

(b) Information about an economic phenomenon that corrects past or present expectations based on previous evaluations.

(c) The extent to which information is accurate in representing the economic substance of a transaction.

(d) Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.

(e) Quality of information that allows users to comprehend its meaning.

Reference no: EM13513787

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