Question # $12-$ Which qualitative characteristic is an ingredient of relevance?

a$.$ Verifiability

b$.$ Timeliness

c$.$ Neutrality

d$.$ Representational faithfulness

Question # $13-$ According to the FASB hierarchy of qualitative characteristics, the two primary

qualities making accounting information useful are:

a$.$ Understandability and decision usefulness

b$.$ Relevance and reliability

c$.$ Verifiability and neutrality

d$.$ Predictive value and feedback value

Question # $14-$ Which qualitative characteristic is an ingredient of reliability?

a$.$ Predictive value

b$.$ Feedback value

c$.$ Timeliness

d$.$ Neutrality

Question # $15-$ Representational Faithfulness is a relationship between the reported

accounting measurements or descriptions and the economic resources, obligations, and the

transactions and events causing changes in these items. This is important because the:

a$.$ Bias associated with financial measurements can be reduced.

b$.$ Validity of accounting data is an important economic resource.

c$.$ Accounting information is relevant for all decisions.

d$.$ Financial information is faithfully reported in the accounting records.

Question # $16-$ Which of the following are considered secondary characteristics of accounting