Enhancing qualitative characteristics are an essential part of the conceptual framework of accounting.These include, among others, timeliness.Which of the items below would be most indicative of timeliness?
A)The preparation of quarterly financial statements
B)The preparation of annual financial statements
C)The large volume of data to be included.
D)The choice of the best accounting principle

Question

Quizplus · Accepted Answer

Timeliness refers to the information being available in a timely manner to facilitate decision-making. Therefore, preparing quarterly financial statements is more indicative of timeliness than preparing annual financial statements as the former is more frequent and provides more up-to-date information. The volume of data to be included and the choice of accounting principles are not necessarily related to timeliness.

Enhancing Qualitative Characteristics Are an Essential Part of the Conceptual