Comparability and Consistency Are Enhancing Qualities That Make Accounting Information

question 40

Essay

Comparability and consistency are enhancing qualities that make accounting information useful for decision-making purposes. Briefly explain the difference between these two qualities and explain how they are related to each other.

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Definitions:

Meteor Impact

The collision of a meteoroid with the Earth or another planet, causing effects ranging from craters to climate changes depending on the size and speed of the meteoroid.

Extinction

The process through which a species ceases to exist due to the death of its last remaining members.

Dinosaurs

A diverse group of prehistoric reptiles that lived during the Mesozoic Era, now extinct.

Mass Extinctions

Events in Earth's history where large numbers of species become extinct in a relatively short period of time.