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ViewsYou have now unlocked unlimited access to 20M+ documents!Unlimited Reading Learn faster and smarter from top experts Unlimited Downloading Download to take your learnings offline and on the go You also get free access to Scribd! Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. Read and listen offline with any device. Free access to premium services like Tuneln, Mubi and more. Discover More On Scribd What is the quality of information that gives assurance that is reasonably free from error and bias?The quality of information that gives assurance that it is reasonably free of error and bias and provides a true, correct and complete depiction of what it purports to represent is * relevance.
What is meant by relevance and faithful representation?Relevance – financial information is regarded as relevant if it is capable of influencing the decisions of users. Faithful representation – this means that financial information must be complete, neutral and free from error.
What are the qualitative characteristics that enhance the decision usefulness of relevant information faithfully represented in financial statements?The two fundamental qualitative characteristics of financial reports are relevance and faithful representation. The four enhancing qualitative characteristics are comparability, verifiability, timeliness and understandability.
What is free from error in accounting?Free from error: means there are no errors and inaccuracies in the description of the phenomenon and no errors made in the process by which the financial information was produced. (no inaccuracies and omissions).
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