Day 2. Financial Information

B1. Qualitative Characteristics

a) Define, understand and apply qualitative characteristics:
i) Relevance
ii) Faithful representation
iii) Comparability
iv) Verifiability
v) Timeliness
vi) Understandability

b) Define, understand and apply accounting concepts:
i) Materiality
ii) Substance over form
iii) Going concern
iv) Business entity concept
v) Accruals
vi) Fair presentation
vii) Consistency