3.3.1 ACCOUNTING POLICIES, Usefulness of the Financial Statements
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9 Terms
Usefulness of the Financial Statements
1. Allows __ with prev. years
comparison
Usefulness of the Financial Statements
2. Allows comparison with __ businesses
similar
Usefulness of the Financial Statements
3. Often ignores __-__ factors e.g. staff skills
non-monetary
Usefulness of the Financial Statements
4. Some numbers are out of date as __ costs are used
historical
Who developed the Accounting Policies?
International Accounting Standards
Policy | Description |
R__e | Useful in helping make decisions e.g. up to date |
relevance
Policy | Description |
R__y | Info should be capable of being __ verified; free from b__ & error |
reliability, independently, bias
Policy | Description |
C__ | Financial statements should be c__ produced & can be compared between periods |
comparability, consistently
Policy | Description |
U__ | Info should be clear so users can u__ it |
understandability, understand
Note 
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