Which of the following are qualitative characteristics of good financial reports for governments?
A)Comparability among years, consistency among governments, completeness, and timeliness
B)Comparability among governments, consistency between years, completeness, and timeliness
C)Comparability with business, consistency between years, completeness, and timeliness
D)Full disclosure, transparency, accuracy, and audit

Question

Quizplus · Accepted Answer

Comparability among governments allows for meaningful comparisons between different entities, consistency between years ensures that trends and changes can be identified over time, completeness ensures that all relevant information is included and not selectively reported, and timeliness ensures that the financial reports are useful for decision-making. Qualitative characteristics such as full disclosure, transparency, accuracy, and audit are also important, but are not included in the options given.

Which of the Following Are Qualitative Characteristics of Good Financial