Describe one of these three terms and explain its influence on the financial statements. Include a numerical example to prove your points. Participate in follow-up discussion by reading classmates' posts and providing an example on the significance to the user if the qualitative characteristics are not followed in the preparation of financial statements.

(relevance, reliability, and consistency)

Answer rating: 100% (QA)

Reliability is a qualitative characteristic of financial statements that ensures the information pre... View the full answer