Enhancing qualitative characteristics of accounting information include each of the following except:
A) Timeliness.
B) Materiality.
C) Comparability.
D) Verifiability.

Question

Quizplus · Accepted Answer

Materiality is one of the primary qualitative characteristics of accounting information and does not belong in the list of characteristics that enhance it. The other three choices - timeliness, comparability, and verifiability - are all important in enhancing the quality of accounting information. Timeliness means that financial information should be available to users in a timely manner, while comparability means that the information should be presented in a way that allows for meaningful comparisons between different periods or entities. Verifiability means that the information should be capable of being checked and confirmed by independent parties.

Enhancing Qualitative Characteristics of Accounting Information Include Each of the Following