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What is mean by the comparability convention?

The convention of comparability


What are the fundamental qualitative characteristics of accounting information?

The user-specific quality is its understandability and usefulness for making decisions. The primary qualitative characteristics are Relevance and Reliability. The components of Relevance are materiality, predictive value, and feedback value (or confirmatory). Under Reliability (or faithful representation), the components are verifiability, neutrality, and representational faithfulness (i.e., free from error). The secondary qualities are Comparability and Consistency. In Comparability, you have to consider cost effectiveness (do benefits exceed costs?). For Consistency, there is a materiality constraint and recognition threshold.


Why is time period assumption important in preparing financial statements?

So that comparability between periods is preserved.


Is Measurement the use of numbers according to a standard?

Yes, measurement involves quantifying attributes of objects or phenomena using numbers based on a standard unit of measurement. This allows for consistency and comparability in expressing quantities.


Why is consistency important in accounting?

In order to achieve comparability of the financial statement of an enterprises through time, the accounting policies are followed consistently from one period to another; a change in an accounting policy is made only in certain circumstances.


Why is the distinction between insurable and uninsurable risks significant for the theory of profit?

why is the distinction between insurable and uninsurable risks is significant for the theory of profit


What is the concept of comparability?

The concept of comparability is used in accounting whereby a business is comparable to different periods and with other companies. This is used as a measure of the business's performance.


Is there a distinction between male and female penguin?

NO


Can you give me a sentence for the word distinction?

A cell wall is the primary distinction between plant and animal cells.


What is the main distinction in organizing products by use?

The major distinction in this system is between consumer and industrial products.


Why did the distinction between the KTSs and PBXs lessen?

The distinction between the KTSs and PBXs became more blurred as technology brought more intelligence to the KTS


What part of speech is the word distinction?

The word "distinction" is a noun. It refers to a difference or contrast between similar things, or a recognition of excellence or uniqueness.