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The demand for accounting information by investors,lenders , creditors, etc., creates fundamental qualitative characteristics that are desirable in accounting information. There are six qualitative characteristics of accounting information: · Relevance – how helpful the information is for financial decision-making processes· Representational faithfulness or Reliability - the extent to which information accurately reflects a company’s financials· Verifiability - the extent to which information is reproducible given the same data and assumptions· Timeliness - how quickly information is available to users of accounting information· Understandability - the degree to which information is easily understood· Comparability - the degree to which accounting standards and policies are consistently applied from one period to another
Statement: M > N ≥ O; M ≤ P = Q; R > N
Conclusion: I. N < Q II. R > M
Statements: L # W, W % V, V $ H, H # T
Conclusions : I. V @ T II. H & W III .V # T
...Statement: O ≤ Q, Q ≥ A, A > I, I = D
Conclusion: I. Q > D II. A > D
Statement: K = B; D ≥ L ≥ T ≥ B
Conclusion: I. D > K II. D = K
Statements: R ≥ S = T; R < U < V; W > X > V
Conclusion:
I. U > T
II. T < V
Statements: I ≥ J ≤ K = L ≤ M; G ≤ H < I; M ≤ N < O ≥ P
Conclusions:
I. M < H
II. N ≥ J
III. M ≥ H
In the question, assuming the given statements to be true, find which of the conclusion (s) among given two conclusions is/are definitely true and then...
Statement: A = B ≥ C ≥ D < E < F ≥ G; D > H
Conclusion:
I. H ≥ G
II. A > H
...Statement:
R ≤ P >K ≤ L; W ≤ X = K > O; Q > L
Conclusion:
I) W < L
II) L = W
Statements : D = N ≥ B ≥ P = X; P < M ≤ S
Conclusion:
I. D < P
II. P < B
