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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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Under Statement of Financial Accounting Concepts No. 8, which of the following enhances decision-useful information?

  1. a. timeliness
  2. b. neutrality
  3. c. confirmatory value
  4. d. materiality

To determine

Identify the concept that enhances the decision useful information.

Explanation

Financial reporting:

Financial reporting is the procedure used to communicate the information obtained from financial statements prepared for a company. It is essential to disclose the data to various stakeholders of the company, as various decisions need to be taken by the stakeholders.

Option (a):

The concept of timeliness enhances the decision useful information. Therefore, Option a, is the correct answer...

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