Question

The hierarchy of qualitative characteristics of financial information require that, in order to be useful for decision making, information should possess the fundamental characteristics of?

Answer 1

Answer:

Relevance and faithful representation

Explanation:

The is a general consensus that accounting information must possess certain basic characteristics for it to be useful to the users of financial statement. The International Accounting Standards Board (1ASB) gave voice to this assertion when it prescribes some basic characteristics of accounting information which are 1. Understandability 2. Relevance 3. Reliability 4. Comparability. 5.    Materiality. 6.  Faithful representation. 7. Substance over Form. 8. Neutrality. 9. Prudence. 8. Timeliness. 9. Completeness.

Faithful representation is the requirement that financial statement must be accurate and  must show a true and fair view of the position of the business.

Answer 2

The information which is of financial nature has to meet some qualitative criteria before it becomes useful for the users of financial information. Accounting information must be according to the following characteristics of information.

Characteristics

• Information must be understandable form.

• Information must be complete and comparable.

• Information has to be relevant and reliable for the users.

• Information should be material and timely conveyed.

• Information should be represented faithfully.

Faithful representation means the financial statements must represent the accurate position of the business so that it shows the true and fair view.

Therefore information must contain the characteristics such as Faithful representation and this is the correct option.

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