Discuss the four basic Assumptions that underline the financial Accounting Structures with example. b) Match the qualitative characteristics below with the following statements. I. Relevance VI. Comparability II.Faithful representation VII.Completeness III. Predictive value VIII.Neutrality IV.Confirmatory value IX.Timeliness V. Free from error X. Understandability (i) Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. (ii) Having information available to users before it loses its capacity to influence decisions. (iii) Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future.
Discuss the four basic Assumptions that underline the financial Accounting Structures with example.
b) Match the qualitative characteristics below with the following statements.
I. Relevance VI. Comparability
II.Faithful representation VII.Completeness
III. Predictive value VIII.Neutrality
IV.Confirmatory value IX.Timeliness
V. Free from error X. Understandability
(i) Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena.
(ii) Having information available to users before it loses its capacity to influence decisions.
(iii) Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future.
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