Question: true or false and if its false what word makes it false. 1. Users of financial statements are assumed to need no knowledge of business
1. Users of financial statements are assumed to need no knowledge of business and financial accounting matters to understand information contained in financial statements. 2. Relevance and faithful representation are the two fundamental qualities that make accounting information useful for decision making. 3. Timeliness and neutrality are two ingredients of relevance. 4. Verifiability and predictive value are two ingredients of faithful representation 5. Comprehensive income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. 6. In order to justify requiring a particular measurement or disclosure, the benefits to be derived from it must equal the costs associated with it
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
