Briefly explain
qualitative characteristics of accounting information
Answers
Answer:
Comparability
Comparison is a very important part of financial information as it helps the users of accounting information to differentiate, analyze, improve, and take important decisions.
Understandability
The presentation of accounting information should be simple and understandable for the users of the information. It is important that all the data is clear and concise, it can be easily understood by everyone including parties who are not from the accounting background.
Reliability
One of the most important among qualitative characteristics of accounting information is reliability of data, i.e. all information provided must be traceable and verifiable with proper source documents.
Relevance
Relevance of accounting information means it should help the user of information with their decision making process. The information provided should not be irrelevant and unnecessary. All information should be capable of monetary computation.
Explanation:
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