Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - Review and Practice - Questions - Page 61: 3


Generally, 'Qualitative characteristics of accounting information' can be deemed to as those features which normally contribute to the quality or even value of the accounting information. In other words, these characteristics make the accounting information more understandable as well useful for decision making and reporting purposes

Work Step by Step

Usually, accounting information is highly used by both internal and external users with only one goal that is; to make decisions. Some of these characteristics that help users understand the financial accounting information of an organization include; relevance, reliability, comparability as well consistency.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.