Qualitative characteristics that determine the usefulness of information of financial statements
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The qualitative characteristics of accounting information are :-
♥ Reliability - It means the information is verifiable and free from material error .
♥ Understandability - It means the information provided must be presented in a manner that they can be understood .
♥ Comparability - The users must be able to compare the accounting information of the period with that of other periods .
♥ Relevance - It meets the need of the users in decision making .
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