Enhancing Qualitative Characteristics of Accounting Information Include

question 72

Multiple Choice

Enhancing qualitative characteristics of accounting information include:

• A)Relevance and comparability.
• B)Comparability and consistency.
• C)Faithful representation and relevance.

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Definitions:

Interest Due

Interest due refers to the amount of interest payment that is owed but not yet paid by a borrower to a lender by the due date.

Dishonoring a Note

The failure to pay a promissory note when due, which can result in legal action and damage to the borrower's creditworthiness.

Promissory Note

A finance-related instrument embodying a guarantee by one party to pay a certain party a designated sum of money, redeemable upon demand or on a specific forthcoming date.

Promissory Note

A written promise to pay a specified amount of money to a designated person at a specified date or on demand.