VC-TURF

Question 1

VERIFIABLITY

Answer 1

different knowledgable and independent observes can reach the same conclusions that something is faithfully represented through source documents

Question 2

comparability

Answer 2

useful information is provided when the financial reports of a business can be compared over time and compared with information from other businesses

Question 3

timeliness

Answer 3

financial information should be available to decision makers in time to influence their decision

Question 4

understandability

Answer 4

financial information should be presented clearly and consistently so that the users can easily understand it

Question 5

relevance

Answer 5

financial information must be capable of making a difference in the deceision made by users of the report.

Question 6

faithful reprasentation

Answer 6

the financial information reported is a faithful representation of the real world economic event it represents, free from bias and error