What are the two fundamental qualities of accounting information quizlet?
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Get faster at matching terms Terms in this set (10)materiality the information is sufficient in nature or amount to affect a decision confirmatory (or feedback) value the information provides feedback in order for users to assess prior expectations predictive value the information has the ability to help users evaluate past, present, or future events completeness information needed for the faithful representation of a company's financial position is included in the financial reports neutrality the information is free of bias and outside influences freedom from error the amounts reported reflect the best available information comparability the quality that enables users to compare the similarities and differences between multiple sets of financial information between different companies or the same company over time verifiability the information is as objective as possible (the same results can be duplicated with the same measurement techniques by others) timeliness the information is available at a time in which it can make a difference understandability the user should be able to understand the information presented in the context of the decision they are making Recommended textbook solutionsComplex Analysis: A First Course with Applications3rd EditionDennis G. Zill, Patrick D. Shanahan 1,433 solutions
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Which of the following is a fundamental quality of useful accounting information quizlet?Relevance and faithful representation are the two primary qualities that make accounting information useful for decision making.
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