Homework Answers
Answer : Cost effectiveness
Explanation: In order to provide the relevant informations to the users of financial statement, FASB listed some qualitative characteristics. Constraint on the qualitative characteristics are the limitatrions that a firm faces while providing accounting informations based on the qualitative characteristics. The most practicle constraint on the qualitative characteristics is the cost-effectiveness.
It states that the benefit derived for using the accounting principle must always be greater than the cost of applying the accounting principle.
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