Asked by Mallory Connell on Jul 22, 2024
Verified
Below is a list of the qualitative characteristics identified by GAAP.Following the list is a series of descriptive phrases.
Required:
Match each characteristic with the appropriate phrase.
Qualitative Characteristics
Features that make financial information useful to users, including relevance and faithful representation, among others, guiding the preparation and presentation of financial statements.
GAAP
A group of customary accounting regulations and benchmarks used in financial reporting.
- Identify and understand the qualitative characteristics of financial information as identified by GAAP.
Verified Answer
JA
Learning Objectives
- Identify and understand the qualitative characteristics of financial information as identified by GAAP.
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