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FAR > Principles > Flashcards

Principles Flashcards

1
Q

What are the fundamental qualitative characteristics of accounting?

A

Relevance & Faithful Representation

Relevance: predictive value, confirmatory value, materiality
Faithful Representation: freedom from error, neutrality, completeness

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2
Q

What are the enhancing qualitative characteristics of accounting?

A

Comparability
Understandability
Timeliness
Verifiability

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FAR (25 decks)

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