Qualitative Characteristics of Accounting

Relevance and faithful representation are the fundamental qualitative characteristics of useful financial information. Financial statements are the important reports of the entity that provide the entitys financial information at a specific period of time to be used by many stakeholders such as management employees the board of directors investors shareholders customers suppliers bankers and other related stakeholders.

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Basis of decision making.

. The two fundamental qualitative characteristics of financial reports are relevance and faithful representation. Cost accounting is one of the many sub-sets of management accounting. These statements are prepared as the requirement of.

Fundamental qualitative characteristics. Here are the characteristics of these reports. Relevant financial information is capable of making a difference in the decisions made by users.

Management accounting itself is pretty vast. Relevance The characteristic of relevance implies that the information should have predictive and. The four enhancing qualitative characteristics are comparability verifiability timeliness and understandability.

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Qualitative Characteristics Of Accounting Information

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