GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Relevance
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Reliability
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Comparability
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All of the above
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Detailed explanation-1: -The two fundamental qualitative characteristics of financial reports are relevance and faithful representation. The four enhancing qualitative characteristics are comparability, verifiability, timeliness and understandability.
Detailed explanation-2: -FASB (Financial Accounting Standards Board) lists six qualitative characteristics that determine the quality of financial information: Relevance, Faithful Representation, Comparability, Verifiability, Timeliness, and Understandability.
Detailed explanation-3: -Quantitative Characteristics of Financial Statements Quantitative financial data include numbers you can measure, such as revenue, expenses, profit margins and taxes. You can break down these numbers to further quantify areas of your financial performance.
Detailed explanation-4: -Relevance. Representational faithfulness. Verifiability. Understandability. Comparability. Timeliness. Extract relevant information. Check your information. More items •26-Apr-2021