what are the four main qualitative characteristics of financial statements?
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characteristics are the attributes that make the information provided in financial reports useful to users. As figure 1 shows, the four principal qualitative characteristics are understandability, relevance, reliability and comparability (IASB, 2006).
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The four main financial statements for a small business include the income statement, the balance sheet, the statement of cash flow and the statement of owner's equity.
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The preparation of the financial statements is the summarizing phase of accounting. A complete set of financial statements is made up of five components: an Income Statement, a Statement of Changes in Equity, a Balance Sheet, a Statement of Cash Flows, and Notes to Financial Statements.
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According to the framework, qualitative characteristics are the attributes that meet the decision usefulness of financial information. The framework listed these attributes as; relevance, faithful representation, comparability, understandability, verifiability and timeliness.
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['Assets.', 'Liabilities.', 'Equity or net assets.', 'Investments by owners.', 'Distributions to owners.', 'Comprehensive income.', 'Revenues.', 'Expenses.']
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['Income Statement.', "Statement of Retained Earnings – also called Statement of Owners' Equity.", 'The Balance Sheet.', 'The Statement of Cash Flows.']
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['Integrity.', 'Objectivity.', 'Professional competence.', 'Confidentiality.', 'Professional behavior.']
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['Accounting ethics involving conflicts of interest. ... ', 'Predicaments with client confidentiality. ... ', 'Impacts of financial reporting. ... ', 'Identify potential legal issues. ... ', "Take an outsider's view."]
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['Relevance or Usefulness: ADVERTISEMENTS: A principle will be relevant only if it satisfies the needs of those who use it. ... ', 'Objectivity: A principle will be said to be objective if it is based on facts and figures. ... ', 'Feasibility: The accounting principles should be practicable.']
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There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity.
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Typically, a complete set of financial statements comprises: a statement of financial position as at the end of the period; a statement of comprehensive income for the period; a statement of changes in equity for the period; a state- ment of cash flows for the period; and notes, comprising a summary of signifi- cant ...
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['comparability;', 'verifiability;', 'timeliness; and.', 'understandability.']
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(b) The most important quality for accounting information is usefulness for decision making. Relevance and faithful representation are the primary qualities leading to this decision usefulness.
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['Financial.', 'Operations.', 'Customer Service.', 'Research/Knowledge/Education.']
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Financial statements are reports that summarize important financial accounting information about your business. There are three main types of financial statements: the balance sheet, income statement, and cash flow statement.
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Financial statements provide a snapshot of a corporation's financial health, giving insight into its performance, operations, and cash flow. Financial statements are essential since they provide information about a company's revenue, expenses, profitability, and debt.
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['Characteristic # 1. Reliability:', 'Characteristic # 2. Validity:', 'Characteristic # 3. Objectivity:', 'Characteristic # 4. Usability:']