Qualitative characteristics of accounting info Flashcards
1
Q
Verifiabilty
A
different knowledgeable and independant observers can reach a consensus that a particular depiction is a faithful representation.
2
Q
Timeliness
A
Having information available to decision makers in time to be capable of influencing their decisions
3
Q
Understandibilty
A
Classifying characterising and presenting information clearly and concisely makes it understandable.
4
Q
Comparibilty
A
Enables users to indentify and understand similarities in and difference amoing items.
5
Q
Faithful Representation
A
Information must be complete,neutral and free from error.
6
Q
Relevance
A
Relevant information is capable of making a difference in the decision made by users
