accounting aos 1 unit 2

Question 1

Relevance

Answer 1

assists the user in making decisions. related to making an economic decision and directly assists the user in forming predictions about outcomes of past, present or future events

Question 2

Faithful representation

Answer 2

that user is assured that the information presented is complete, free from material error, and neutral (without bias).

Question 3

Comparability

Answer 3

enables the user to identify and understand similarities and differences between items

Question 4

Verifiability

Answer 4

independent observers can reach a consensus that a particular depiction of an event is faithfully represented