Homework Answers
Given statements are matched as per below:
(a) Verifiability: As per the verifiability concept, whatever event is reported in the financial statements, should be verifiable with objective evidence.
(b) Relevance: As per relevance concept, information contained in the financial statements should be relevant enough to enable users to make decisions.
(c) Neutrality: As per neutrality concept, financial statements should be neutral and free from personal bias of owners.
(d) Understandability: As per the understandability concept, the financial statements should be understandable and make sense to business people.
(e) Faithful representation: As per faithful representation, one should be able to confirm that the financial statements are accurate.
(f) Comparability: As per comparability concept, users of accounting information must be able to compare the financial statements with other entities or with prior years.
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