Accounting Qualitative Information Descriptive Essay

Describes the qualitative characteristics of accounting information and the usefulness of this information for the decision makers.
# 145652 | 1,280 words | 10 sources | APA | 2010 | MY
Published on Nov 21, 2010 in Business (Accounting) , Accounting (General)


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Description:

This paper underscores that, because stakeholders need accounting information to evaluate the financial health of a business, it is essential that the qualitative characteristics of the accounting information be upheld. Next, the author reviews the main qualitative characteristics of understandability, relevance, reliability and comparability. The paper stresses that the information must be proven true and free from any errors. The paper includes a table.

Table of Contents:
Table of Contents
Introduction
Qualitative Characteristics of Accounting Information
Understandability
Relevance
Timeliness
Reliability
Verifiability
Representational Faithfulness
Neutrality
Comparability
Consistent
Conclusion

From the Paper:

"The quality of understandability is not simple because the understandability of financial information depends on the background of the users to consider whether the information is made to be understandable for everyone with a college education or assume that all the financial statement readers have a good accounting background; if yes, whether a business background is necessary in understanding financial reports apart from a formal education."

Sample of Sources Used:

  • Hogget, Edwards & Medlin, 2009, Financial Accounting, 7th Edition, Wiley, Brisbane.
  • Horngren, Harrison, Bamber, Best, Fraser & Willett, 2006, Financial Accounting, 5th Edition, Pearson Education Australia, NSW.
  • Jackling, Raar, Williams & Wines, 2007, Accounting: A framework for decision making, Second Edition, McGraw-Hill, Sidney.
  • Peirson & Ramsey, 2003, Accounting: an Introduction, 3rd Edition, Longman, Sidney.
  • Trotman & Gibbons, 2005, Financial Accounting: An Integrated Approach, Third Edition, Thomson, Melbourne.

Cite this Descriptive Essay:

APA Format

Accounting Qualitative Information (2010, November 21) Retrieved October 16, 2021, from https://www.academon.com/descriptive-essay/accounting-qualitative-information-145652/

MLA Format

"Accounting Qualitative Information" 21 November 2010. Web. 16 October. 2021. <https://www.academon.com/descriptive-essay/accounting-qualitative-information-145652/>

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