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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Identify the characteristics of useful information.

To determine

Characteristics of Useful Information

The Qualitative characteristics of Useful information is relevance, faithful representation, Comparability, consistency, verification, timelines and understanding.

The characteristics of Useful information.

Explanation

The Characteristics of useful information are as under:

  1. Relevance: Financial statements shall be prepared based on accounting standard which provides relevant information. The Information is considered as relevant if it can changed the decisions of various users.
  2. Faithful representation: The information extracted from the financial statement is true and fair in such a way that the real position of business is provided through and informed decisions are taken.
  3. Comparability: The Information contained in the financial statement must be capable of comparison between different companies in the same period and the same company in different period. This is possible when the generally accepted accounting principles are being followed by various business persistently...

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