Question 03: What are the Qualitative Characteristics of Accounting Information?Īnswer: Qualitative characteristics of accounting information are those that aid in distinguishing between more useful information and less useful information. Question 02: What are the Objectives of Financial Reporting?Īnswer: The objectives of financial reporting are to provide information that will help current and potential investors, creditors, and other users make sound investments, credit, and other decisions. Question 01: What is Conceptual Framework?Īnswer: A conceptual framework is an intelligent or consistent system of interconnected objectives and fundamentals that can lead to consistent standards, and it prescribes the nature, function, and limits of financial accounting and financial statements. The 30 important accounting principles questions and answers are as follows: So let’s get started… Accounting Principles Questions and Answers It will help you understand the important Accounting Principles terms and their explanations quickly.īy reading this post, you may quickly prepare for accounting courses and for any competitive tests such as school and college exams, vivas, job interviews, and so on. In this article, we’ll learn the 30 most important accounting principles questions and their answers. The 10 thchapter of our accounting learning course is “Accounting Principles”.
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