The qualitative characteristic of accounting information known as comparability means that the same accounting methods should be used from one period to the next, whenever possible.

Name: The qualitative characteristic of accounting information known as comparability means that the same accounting methods should be used from one period to the next, whenever possible.
Brand: Quizplus
Rating: 4.9 (29 reviews)

Question

Quizplus · Accepted Answer

The statement describes consistency. Comparability speaks to firms in the same industry using similar reporting techniques.

The Qualitative Characteristic of Accounting Information Known as Comparability Means