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Financial Report: Accounting characteristic

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When reviewing a financial report, why should information be reliable, relevant, consistent, and comparable?

o In other words, why are these accounting characteristics important?

o What kinds of problems could be created if a financial report is not reliable, relevant, consistent, or comparable?

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The response addresses the queries posted in 247 Words, APA References.

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The response addresses the queries posted in 247 words with references.

//Prior to talk about the importance of accounting characteristics, we have to first of all, understand about the precise meaning of the 'Financial Statements'. In this part, we will also talk about the accounting characteristics.//

Accounting Characteristics

Financial Statements is a summarize report that evaluate and measure the real financial position or status of the business organisation. Financial statements depict the actual value of the business at the end of the financial year (Ronald, 1997).The information in the financial report must reliable, relevant, ...

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