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State the characteristics of accounting information.

Asked by Topperlearning User 7th June 2016, 10:32 AM
Answered by Expert

Characteristics of accounting  information are as follows:

  1. Understandability: Information should be presented in a simple method for easy understanding of the users.
  2. Reliability: Accounting information should be reliable, verifiable and based on facts. It should be free from bias.
  3. Relevance: Relevant information should be available on time and assist in influencing the user’s decision to form prediction about the outcomes.
  4. Comparability: Financial statements should contain figures for the current year to compare with the previous year’s figures of business and other firm’s figures.
Answered by Expert 7th June 2016, 12:32 PM
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