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  • If the LIFO inventory method was used last period, it should be used for the current and following periods because of #71
  • What is the following is a characteristic describing the primary quality of relevance? #72
  • Which of the following is a fundamental quality of useful accounting information? #73
  • Which of the following is a primary quality of useful accounting information? #74
  • What is meant by comparability when discussing financial accounting information? #75
  • What is meant by consistency when discussing financial accounting information? #76
  • Which of the following is an ingredient of relevance? #77
  • Which of the following is an ingredient of faithful representation? Predictive value. #78
  • Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information? #79
  • Company A issuing its annual financial reports within one month of the end of the year is an example of which enhancing quality of accounting information? #80
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