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Question
Which of the following is/are characteristics of accounting information?
Which of the following is/are characteristics of accounting information?
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Solution
The correct option is A Understandability
There are mainly 4 characteristics of the accounting information1. Understandability: Information should be simple so, that users interpret it in the same sense.2. Reliability: It means that information should be Verifiable, neutral and faithful.3. Relevance: It includes timelines, Feedback value and dedicative. 4. Comparability: It includes that information should be of common period and use common unit of measurement and format of reporting.
There are mainly 4 characteristics of the accounting information
1. Understandability: Information should be simple so, that users interpret it in the same sense.
2. Reliability: It means that information should be Verifiable, neutral and faithful.
3. Relevance: It includes timelines, Feedback value and dedicative.
4. Comparability: It includes that information should be of common period and use common unit of measurement and format of reporting.
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