What are the four critical requirements or constraints which information users place on accounting?
A) Objectivity,Prudence,Accuracy,Periodicity
B) Objectivity,Prudence,Quality of information,Timeliness
C) Subjectivity,Prudence,Quality of information,Periodicity
D) Objectivity,Prudence,Quality of information,Periodicity

Question

Quizplus · Accepted Answer

Objectivity refers to the need for information to be free from bias and based on verifiable evidence. Prudence requires caution in making judgments and estimates in uncertain situations. Quality of information refers to the need for information to be reliable, relevant, and useful for decision-making. Periodicity requires that financial information should be reported at regular intervals (usually annually, quarterly, or monthly) to provide timely information for users. These four requirements or constraints are critical for ensuring the usefulness and reliability of accounting information for decision-making.

What Are the Four Critical Requirements or Constraints Which Information