term1 Definition1term2 Definition2term3 Definition3
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Comparability
Reports should be able to be compared over time through the use of consistent accounting procedures.
Understandability
Reports should be presented in a manner that makes it easy for the user to comprehend their meaning.
Reliability
Reports should contain information verified by source document evidence so that it is free from bias.
Relevance
Reports should include all information which is useful for decision-making.
Qualitative Characteristics
The qualities of the information in accounting reports.
Accounting
The collection, recording and reporting of financial information to assist business owners in decision-making.
Financial Data
Raw facts and figures upon which financial information is based.
Financial Information
Financial data which has been sorted, classified and summarised into a more usable and understandable form.
Transaction
An agreement between two parties to exchange goods and services for payment.
Source Documents
The pieces of paper or electronic documents that provide both the evidence that a transaction has occurred, and the details of the transaction itself.
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