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ACC 100 (214)
Chapter 2

ACC 100 Chapter 2 Notes.docx

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Department
Accounting
Course
ACC 100
Professor
Walter Krystia
Semester
Fall

Description
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
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