____________ are important characteristics of Financial Statement.

Understandability

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Comparability

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Reliability

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All of the above

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Solution

The correct option is C All of the above
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. Financial accounting reports the results and position of business to government, creditors, investors, and external parties. Understanding, comparability, and reliability is important characteristics of financial accounting.

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