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Match each of the following items with the correct accounting framework concept. V Users with a reasonable knowledge of business can interpret the information presented and comprehend its meaning. Users have access to accounting information before it loses its ability to influence decisions. Users can identify and understand similarities in, and differences among, items. 1. Relevance When preparing accounting information, it must be unbiased and not favour one set of interested users over another. 2. Faithful Representation 3. Comparability Independent, knowledgeable users can agree that the 4. Verifiability faithfully represented. 5. Timeliness 6. Understandability The cost of preparing financial information should not exceed the value of that information to users for decision making. 7. Neutral 8. Materiality The inclusion, exclusion, or misstatement of quantitative or qualitative information could influence the decisions of users. 9. Going Concern Assumption 10. Cost Constraint Accounting information has three characteristics: complete (nothing important was omitted), neutral (not biased toward one position or another), and free from material error. A shareholder assumes that a company will continue to operate in the future. V Accounting information is useful for a user's decision making purposes

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