Accounting QC and elements

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Last updated 4:36 AM on 5/21/26
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8 Terms

1
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what are the fundamental characteristics

faithful representation, relevance

2
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relevance

information provided must be helpful for decision making

3
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faithful representation

information should be presented in a complete, neutral, error free way

4
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understandibility

presents information cleary and concisely

5
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comparability

informaion should be presented using consistent policies and formats to present information

6
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timeliness

information must be released before the information loses its value

7
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verifiability

information presented can be checked with evidence

8
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equity

the left over interest in the assets of the entity after deducting all liabilities