Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts. To identify: The qualitative characteristics of accounting information.

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Answer 1

Question

Chapter 2, Problem 2.1E

To determine

Concept Introduction:

Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts.

To identify: The qualitative characteristics of accounting information.

Expert Solution & Answer

Explanation of Solution

Following is qualitative characteristics explanation:

1. Relevance	Accounting information which is collected by the organization must be relevant. Information must be included in reports.
2. Reliable	Accounting information which is collected by the organization is must be from reliable source it must have capacity to make impact on decisions.
3. Free From Error.	Accounting information which is collected by the organization must be free from error because it is included in books of accounts.
4. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.
5. Understandability	Accounting information which is collected by the organization must be in a manner that can be understood by everyone in organization.
6. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.

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Answer 2

Question

Chapter 2, Problem 2.1E

To determine

Concept Introduction:

Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts.

To identify: The qualitative characteristics of accounting information.

Expert Solution & Answer

Explanation of Solution

Following is qualitative characteristics explanation:

1. Relevance	Accounting information which is collected by the organization must be relevant. Information must be included in reports.
2. Reliable	Accounting information which is collected by the organization is must be from reliable source it must have capacity to make impact on decisions.
3. Free From Error.	Accounting information which is collected by the organization must be free from error because it is included in books of accounts.
4. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.
5. Understandability	Accounting information which is collected by the organization must be in a manner that can be understood by everyone in organization.
6. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.

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Answer 3

Question

Chapter 2, Problem 2.1E

To determine

Concept Introduction:

Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts.

To identify: The qualitative characteristics of accounting information.

Expert Solution & Answer

Explanation of Solution

Following is qualitative characteristics explanation:

1. Relevance	Accounting information which is collected by the organization must be relevant. Information must be included in reports.
2. Reliable	Accounting information which is collected by the organization is must be from reliable source it must have capacity to make impact on decisions.
3. Free From Error.	Accounting information which is collected by the organization must be free from error because it is included in books of accounts.
4. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.
5. Understandability	Accounting information which is collected by the organization must be in a manner that can be understood by everyone in organization.
6. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.

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Answer 4

Question

Chapter 2, Problem 2.1E

To determine

Concept Introduction:

Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts.

To identify: The qualitative characteristics of accounting information.

Expert Solution & Answer

Explanation of Solution

Following is qualitative characteristics explanation:

1. Relevance	Accounting information which is collected by the organization must be relevant. Information must be included in reports.
2. Reliable	Accounting information which is collected by the organization is must be from reliable source it must have capacity to make impact on decisions.
3. Free From Error.	Accounting information which is collected by the organization must be free from error because it is included in books of accounts.
4. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.
5. Understandability	Accounting information which is collected by the organization must be in a manner that can be understood by everyone in organization.
6. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.

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Answer 5

Chapter 2, Problem 2.1E

To determine

Concept Introduction:

Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts.

To identify: The qualitative characteristics of accounting information.

Expert Solution & Answer

Explanation of Solution

Following is qualitative characteristics explanation:

1. Relevance	Accounting information which is collected by the organization must be relevant. Information must be included in reports.
2. Reliable	Accounting information which is collected by the organization is must be from reliable source it must have capacity to make impact on decisions.
3. Free From Error.	Accounting information which is collected by the organization must be free from error because it is included in books of accounts.
4. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.
5. Understandability	Accounting information which is collected by the organization must be in a manner that can be understood by everyone in organization.
6. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.

Answer 6

Chapter 2, Problem 2.1E

To determine

Concept Introduction:

Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts.

To identify: The qualitative characteristics of accounting information.

Expert Solution & Answer

Explanation of Solution

Following is qualitative characteristics explanation:

1. Relevance	Accounting information which is collected by the organization must be relevant. Information must be included in reports.
2. Reliable	Accounting information which is collected by the organization is must be from reliable source it must have capacity to make impact on decisions.
3. Free From Error.	Accounting information which is collected by the organization must be free from error because it is included in books of accounts.
4. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.
5. Understandability	Accounting information which is collected by the organization must be in a manner that can be understood by everyone in organization.
6. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.

Answer 7

Chapter 2, Problem 2.1E

To determine

Concept Introduction:

Accounting Information is a type of information which is used by the organization for the doing the accounting. Every works needed information related to that so as accounting also need information to prepare books of accounts.

To identify: The qualitative characteristics of accounting information.

Answer 8

Expert Solution & Answer

Explanation of Solution

Following is qualitative characteristics explanation:

1. Relevance	Accounting information which is collected by the organization must be relevant. Information must be included in reports.
2. Reliable	Accounting information which is collected by the organization is must be from reliable source it must have capacity to make impact on decisions.
3. Free From Error.	Accounting information which is collected by the organization must be free from error because it is included in books of accounts.
4. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.
5. Understandability	Accounting information which is collected by the organization must be in a manner that can be understood by everyone in organization.
6. Comparability	Accounting information which is collected by the organization must be comparable to other data or other period data.