Narrate any four characteristics of financial statements.

1.	Narrate any four characteristics of financial statements.
Answer» 1. Understand ability : The information must be readily understandable to users of the financial statement. This means the information must be clearly presented. 2. Relevance’s : The information must be relevant to the needs of the users. 3. Reliability: The information must be free or material error and bias and not misleading. Thus, the information should faithfully represent transactions and other events. 3. Comparability : The information must be comparable to the financial information presented for other accounting period.

Answer»

1. Understand ability : The information must be readily understandable to users of the financial statement. This means the information must be clearly presented.

2. Relevance’s : The information must be relevant to the needs of the users.

3. Reliability: The information must be free or material error and bias and not misleading. Thus, the information should faithfully represent transactions and other events.

3. Comparability : The information must be comparable to the financial information presented for other accounting period.

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