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Given the characteristics of useful accounting information, complete each of the following statements
Given the characteristics of useful accounting information, complete each of the following statements. 7 (a) For information to be it should have predictive value, confirmatory value, and be material. (b) is the quality of information that gives assurance that the information accurately depicts what really happened. V (c) means using the same accounting principles and methods from year to year within a company.
Brief Exercise 3-13 Given the characteristics of useful accounting information, complete each of the following statements. (a) For information to be , it should have predictive value, confirmatory value, and be material. (b) is the quality of information that gives assurance that the information accurately depicts what really happened. (c) means using the same accounting principles and methods from year to year within a company. IT ANSWER Faithful representation Understandability Consistency Relevant
Expert Solution
Solution:
a.
Relevant
Explanation:
Relevance is one of the qualitative characteristics of accounting information. It helps in providing feedback on expectations and also helps in estimating (predict) the financial events of the future when it comes to business on a timely manner.
b.
Reliability
Explanation:
Reliability is verifiable and also presents the facts as a faithful representation. It is the characteristic that provides assurance that it can be trusted.
c.
Consistency
Explanation:
Using the same accounting policies for similar transactions from year to year is called the consistency principle. It is one of the fundamental accounting assumptions. If at all there is a change in the accounting policies and practices, the above should be disclosed in the notes to accounts.
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