Four Key Qualities of Accounting Information Are

question 15

Multiple Choice

Four key qualities of accounting information are:

• A) control, planning, analysis, and comparability.
• B) identification, analysis, reliability, and timeliness.
• C) relevance, reliability, comparability, and understandability.
• D) understandability, identification, analysis, and relevance.

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Definitions:

Petty Cash Account

A small amount of cash kept on hand for making immediate payments for miscellaneous small expenses.

Cash Over and Short

An accounting discrepancy representing a minor difference between the actual amount of cash on hand and the recorded amount.

Miscellaneous Expenses

Expenses that don't fit into any standard category of the business's budget, often small or irregular costs.

Invoice

A document issued by a seller to a buyer that itemizes a transaction and requests payment for goods or services provided.