Explain the qualitative characteristics of accounting informatic
Describe the role of accounting in the modern world.
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Qualitative characteristics of accounting information that must be present for information to be useful in making decisions: Relevance. Representational faithfulness.
In the modern world, the role of accounting is not only limited to record financial transactions but also to provide a basic framework for various decision making, providing relevant information to various users and assists in both short run and long run planning.
accounting was used by business firms for recording transactions related to business. ... In 1800 A.D., accounting was used to record transactions and also to provide information to various users of financial data.
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