what are the qualitative characteristics of Accounting information system
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Qualitative Characteristics of Accounting Information
Fundamental (Primary) Qualitative Characteristics
Qualitative characteristics of accounting information that must be present for information to be useful in making decisions:
Relevance
Representational faithfulness
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Qualitative Characteristics of Accounting Information :
- Reliability.
- Relevance
- Understandability
- Comparability
• Reliability :
Reliability means that the users must be able to depend on the information.
• Relevance :
To be relevant , information must be available in time.
• Understandability :
It means decision makers must interpret accounting information in the same sence as it is prepared and conveyed to them.
• Comparability :
Financial reports are able to compare various aspects of an entity over different time period and with other entities.
Objectives of Accounting :
- Maintenance of records of business transactions
- Calculation of Profit or loss
- Depiction of Financial position
- Providing Accounting information to it's users
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