Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.
comparability
Quality of information that confirms users' earlier expectations.
confirmatory value
Imperative for providing comparisons of a company from period to period.
comparability (consistency)
Ignores the economic consequences of a standard or rule.
Neutrality
Requires a high degree of consensus among individuals on a given measurement.
verifiability
Predictive value is an ingredient of this primary quality of information
relevance
Four qualitative characteristics that are related to both relevance and faithful representation
comparability, timeliness, verifiability, understandability
An item is not recorded because its effect on income would not change a decision
materiality
Neutrality is an ingredient of this primary quality of accounting information.
faithful representation
Two primary qualities that make accounting information useful for decision-making purposes
relevance, faithful representation
Issuance of interim reports is and example of what primary ingredient of relevance
timeliness