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Q. Qualitative characteristics of financial reporting?
Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard to apply. The effectiveness of accounting information in a given instance depends not merely on information characteristics but as well on the capabilities of the decision makers and their professional advisers. Accountants can't specify who the decision makers are and their characteristics and the decisions to be made or the methods chosen to make the decisions. Thus they direct their attention to the characteristics of accounting information. Reminder the FASB's graphic summarization of the qualities accountants.
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The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
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I need help understanding and filling out an income statement packet!
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What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.
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