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Outline the desirable characteristics of accounting.

Outline the desirable characteristics of accounting.

Answers

Relevance -information is relevant if it influences the decisions of the users by helping them evaluate the past, present and future events

Reliability -information has the quality of reliability if it is free from material error and buyers can be depended upon by sellers to represent faithfully that which is supposed to be presented

Substance over form-if the information is to represent faithfully, the transactions and other events that is purposed to represent, then they should be accounted for and presented accordingly

Neutrality - information contained in the financial statements must be neutral for it is to be reliable

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Wincate 1 answered the question on October 2, 2017 at 09:11

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