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    Identifying Characteristics of Useful Information

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    BE2−8 Identify characteristics of useful information.
    (SO 7)
    The accompanying chart shows the qualitative characteristics of accounting information. Fill in the blanks.

    BE2−9 Identify characteristics of useful information.
    (SO 7)
    Given the characteristics of useful accounting information, complete each of the following statements.
    For information to be _____, it should have predictive or feedback value, and it must be presented on a timely basis.
    _____ is the quality of information that gives assurance that it is free of error and bias; it can be depended on.
    _____ means using the same accounting principles and methods from year to year within a company.

    BE2−10 Identify characteristics of useful information.
    (SO 7)
    Here are some qualitative characteristics of accounting information:
    Predictive value
    Match each qualitative characteristic to one of the following statements.
    _____ (a) Accounting information should help users make predictions about the outcome of past, present, and future events.
    _____ (b) Accounting information cannot be selected, prepared, or presented to favor one set of interested users over another.
    _____ (c) Accounting information must be proved to be free of error.
    _____ (d) Accounting information must be available to decision makers before it loses its capacity to influence their decisions.

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    Solution Summary

    The solution identifies characteristics of useful information for different situations. The useful accounting information is given.