0
What are the qualitative characteristics associated with reliable accounting?
Wiki User
∙ 11y ago
FASB Concepts Statement No. 8 replaced the term "reliability" with "faithful representation." To be a faithful representation, information must have the following three characteristics:
- it is complete,
- it is neutral, and
- it is free from error.
Complete means that the information includes everything necessary for a user to understand the depicted phenomenon, including all necessary descriptions and explanations.
Neutral means that the information is without bias in its selection or presentation.
Free from error means that the description of the phenomenon has no errors or omissions. Furthermore, "the process used to produce the reported information has been selected and applied with no errors in the process"
Source: FASB Concepts Statement No. 8 Paragraphs QC12-15.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What are the features of accounting?
tally is an accounting package, and it is more accurate and reliable
What is the best type of accounting software?
QuickBooks Pro is currently the worlds leading accounting software and is rated one of the best and most reliable.
Why are internal controls important?
Internal controls are procedures set up to protect assets, ensure that accounting reports are reliable, promote efficiency, and encourage adherence to company policies. Internal controls are crucial if accounting reports are to provide relevant and reliable information.
Where can one find information about Quicken accounting software?
Information about Quicken accounting software can be found from many different resources. The official Quicken website is the most reliable source of information.
Two primary qualities that make accounting information useful for decision making are?
One quality that makes accounting good for decision making is the fact that it is reliable. Another reason accounting is good for decision making is the fact that the numbers have to be consistent, so it is easy to interpret.
Qualitative characteristics associated with reliable accounting information are?
Relevance, comparability and understandability.
How is qualitative data reliable?
The fact that the data is qualitative or quantitative does not in and of itself have anything to do with its reliability.
What are the features of accounting?
tally is an accounting package, and it is more accurate and reliable
Is accounting software 100% reliable?
Peachtree accounting software is know for its reliability,and there is a guarantee offered.
What is the best type of accounting software?
QuickBooks Pro is currently the worlds leading accounting software and is rated one of the best and most reliable.
How reliable is color when determining what a mineral is?
Color is the least reliable of a mineral's characteristics used in its identification.
Why are controls important?
Internal controls are procedures set up to protect assets, ensure that accounting reports are reliable, promote efficiency, and encourage adherence to company policies. Internal controls are crucial if accounting reports are to provide relevant and reliable information.
What are problem areas associated with doing research online?
reliable
Where can I download free accounting software?
I would look at Express Accounts and QuickBooks. Both of these are reliable!
Why are internal controls important?
Internal controls are procedures set up to protect assets, ensure that accounting reports are reliable, promote efficiency, and encourage adherence to company policies. Internal controls are crucial if accounting reports are to provide relevant and reliable information.
What is true about accounting?
Its key goal is to provide reliable information that is useful in allocating resources and assessing performance
Is true about accounting?
Its key goal is to provide reliable information that is useful in allocating resources and assessing performance
