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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What are the two primary qualities of useful accounting information?

To determine

Indicate the two primary qualities of useful accounting information.

Explanation

Accounting Information:

Accounting information helps in measuring and communicating economic events in business. Accounting concepts and accounting information guides the enterprise in managing the business activities and helps in monitoring the method of invest the money and receiving money.

  • Decision usefulness is main objective of the accounting information. FASB and IASB states that the main purpose of financial reporting is to provide useful information for the external users.
  • The overall goal of the decision usefulness can be achieved, if the two fundamental characteristics qualities relevance and faithful representation has a sufficient degree in the accounting information...

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