In Any Organisation,what Three Characteristics of Information Are Crucial for Good

question 50

Multiple Choice

In any organisation,what three characteristics of information are crucial for good decision making and reporting?

• A)abundant,qualitative,and quantitative
• B)accurate,relevant,and timely
• C)frequently collected,broadly covered,and up-to-date
• D)rich,complete,and precise

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Definitions:

Currency Units

Units of account used as a medium of exchange, represented in forms such as dollars, euros, yen, etc.

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits.

AASB 121

The Australian Accounting Standards Board document that refers to the effects of changes in foreign exchange rates on financial reporting.

Functional Currency

The currency of the primary economic environment in which an entity operates, used in its financial reporting.