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Question 12 (5 points) Match each of the following items with the correct accounting framework...

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Accounting

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Question 12 (5 points) Match each of the following items with the correct accounting framework concept. Accounting information is useful for a user's decision making purposes When preparing accounting information, it must be unbiased and not favour one set of interested users over another Users can identify and understand similarities in, and differences among, items 1. Relevance The inclusion, exclusion, or misstatement of quantitative or qualitative information could influence the decisions of Users 2. Faithful Representation 3. Comparability > Users have access to accounting information before it loses its ability to influence decisions. 4. Verifiability 5. Timeliness V Independent, knowledgeable users can agree that the accounting information is faithfully represented. 6. Understandability 7. Neutral A shareholder assumes that a company will continue to operate in the future. Users with a reasonable knowledge of business can interpret the information presented and comprehend its meaning

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