To Be Useful,accounting Information Must Have the Fundamental Qualitative Characteristics

question 18

Multiple Choice

To be useful,accounting information must have the fundamental qualitative characteristics of:

• A)comparability and relevance.
• B)relevance and faithful representation.
• C)materiality and understandability.
• D)faithful representation and timeliness.

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Definitions:

Political Response

Actions or strategies adopted by individuals or organizations to navigate, influence, or respond to political environments and regulations.

Government Scrutiny

The examination and close observation by government authorities into business practices, often to ensure legal and regulatory compliance.

Proactive

Refers to taking initiative and action to affect change or address issues before they occur, rather than reacting to events after they happen.

Managing Diversity

The practice of acknowledging, understanding, and leveraging differences among individuals in an organization to create an inclusive environment.