Textbook Notes (368,432)
Canada (161,877)
Accounting (533)
ACC 100 (214)
Chapter 2

ACC 100 Chapter 2 Notes.docx

2 Pages
Unlock Document

ACC 100
Walter Krystia

ACC 100 Chapter 2 Notes Objectives of Financial ReportingUnderstandability the quality of accounting information that makes in comprehensible to those willing to spend the necessary timeRelevance the capacity of information to make a difference in a decisionReliability the quality that makes accounting information dependable in representing events that it purports to representComparability for accounting information the quality that allows a user to analyze two or more companies and look for similarities and differencesConsistency for accounting information the quality that allows a user to compare two or more accounting periods for a single companyMateriality the magnitude of an accounting information omission or misstatement that will affect the judgement of someone relying on the information Classified Balance SheetOperating Cycle the period of time between the purchase of inventory and the collection of any
More Less

Related notes for ACC 100

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.