Explain Why the Characteristics of Comparability and Consistency Are Important

question 9

Essay

Explain why the characteristics of comparability and consistency are important in financial reporting?

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Definitions:

Affective

Relating to moods, feelings, and attitudes; often used in the context of psychological conditions that affect emotional states.

Psychasthenia

A psychological disorder characterized by excessive anxiety, feelings of inadequacy, and an inability to cope with demands of daily life.

Schizophrenia

A psychological condition marked by disturbances in thinking, perceptual abilities, emotional reactions, and social behaviors.

Social Introversion

A personality trait characterized by a preference for solitary activities and situations above social interactions.