11. Vidal Inc. is involved in a complex long-term construction contract with one of their client. They recorded the revenue according to the guidance provided in ASPE but they decided to provide additional information in the notes to the financial statements to ensure the users of the financial statements obtain all the necessary information. Which enhancing characteristic of financial information is Vidal trying to meet by providing additional information in the notes? с a) Understandability b) Comparability c) Verifiability d) Timeliness

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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11. Vidal Inc. is involved in a complex long-term construction contract with one of their client. They
recorded the revenue according to the guidance provided in ASPE but they decided to provide
additional information in the notes to the financial statements to ensure the users of the financial
statements obtain all the necessary information. Which enhancing characteristic of financial
information is Vidal trying to meet by providing additional information in the notes?
C
a) Understandability
b) Comparability
c) Verifiability
d) Timeliness
Transcribed Image Text:11. Vidal Inc. is involved in a complex long-term construction contract with one of their client. They recorded the revenue according to the guidance provided in ASPE but they decided to provide additional information in the notes to the financial statements to ensure the users of the financial statements obtain all the necessary information. Which enhancing characteristic of financial information is Vidal trying to meet by providing additional information in the notes? C a) Understandability b) Comparability c) Verifiability d) Timeliness
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