When several parties can reach similar values in financial statements by using similar methods,the information is said to be:
A)comparable.
B)understandable.
C)verifiable.
D)timely.

Question

Quizplus · Accepted Answer

The usefulness of financial information is enhanced when it is timely,verifiable,comparable,and understandable.Information is verifiable if others,such as external auditors,reach similar values using similar methods.Information is timely if it is available in time to influence decision makers.It is comparable if the same accounting principles are used over time and across companies.It is understandable if reasonably informed users can comprehend and interpret it.

When Several Parties Can Reach Similar Values in Financial Statements