What Are the Primary Qualities of Accounting Information That Increase

question 85

Multiple Choice

What are the primary qualities of accounting information that increase the usefulness to decision makers?

• A)relevance and cost-benefit.
• B)reliability and comparability.
• C)reliability and relevance.
• D)materiality and relevance.

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Definitions:

Chattel Paper

A document or record that signifies both a monetary obligation and a security interest in or lease of specific goods.

Security Interest

A legal claim or right granted by a debtor to a creditor over the debtor's property, ensuring the property serves as collateral for the repayment of a debt.

Ordinary Course

Activities or transactions that are part of the regular, expected business operations of a company.

Insolvent Debtors

Individuals or businesses that are unable to meet their financial obligations or pay their debts as they become due.