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Sagot :
Comparable, timely, understandable and verifiable are the enhancing characteristics of accounting while relevant and faithful representation are fundamental characteristics.
Users of financial statements must be able to compare aspects of one entity over time and between entities over time, according to the comparability characteristic of accounting. Verifiability is a quality that gives assurance that the information accurately depicts what it is supposed to.
In order for users to make and evaluate economic decisions, the information must, according to the feature of relevance, be both confirmatory and predictive. According to the characteristic of faithful representation, financial information should accurately reflect the phenomena it claims to describe.
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Qs) Identify whether the following items are fundamental characteristics (FC) or enhancing characteristics (EC):
Comparable
Relevant
Timely
Understandable
Faithful representation
Verifiable
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