Timeliness is a qualitative characteristic of accounting information that indicates that information should be provided to users
A)within one month after the close of the books.
B)before it loses its capacity to influence their decisions.
C)before statutory deadlines.
D)every month.

Question

Quizplus · Accepted Answer

Timeliness means providing information to users before it loses its capacity to influence their decisions. It does not necessarily mean providing information within a specific time frame, such as one month after the close of the books or every month. While statutory deadlines may be relevant for certain types of financial reporting, timeliness is a separate qualitative characteristic that deals with the usefulness and relevance of information for decision-making.

Timeliness Is a Qualitative Characteristic of Accounting Information That Indicates