Characteristics which accounting information posess
What are the key qualities or characteristics which accounting information should possess?
Expert
The accounting information must possess certain key qualities or characteristics which are as follows:
a) Relevance.b) Reliability.c) Comparability.d) Understandability.
Activity: The real work task or step executed in generating and delivering products and services. The aggregation of actions executed within an organization which is helpful for the purpose of activity-based costing.
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The increase in value that the owner of a capital asset receives when the asset is sold. The owner pays tax on that gain or increases, at a lower rate if the assets that are sold are capital asset, such as factory buildings, rather than assets that are sold in the nor
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Support Costs: Costs of activities are not directly related with the production. Typical illustrations are the costs of automation support, postage, communications, process engineering, and purchasing.
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What do you mean by the term relevance which is accounting information?
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