Unformatted text preview: important because it helps distinguish between more useful and less useful information in the decision making process. This is done by providing information that is relevant and capable of making a difference in a decision. The information also must be reliable in the fact that it is verifiable and is free from error or bias. This is very important because it may seem commonplace, but it is very important that a user does not have to contemplate whether or not the information is true or not. SFAC No. 6 “Elements of Financial Statements” is important because these elements define accounting terms and is the “language” of accounting. This is extremely important because these accounting terms have very specific and distinctive meanings. These terms are vital in understanding how to measure the performance and financial status of a business enterprise....
View Full Document
This note was uploaded on 12/07/2009 for the course ACCT 5521 taught by Professor Englese during the Spring '08 term at Fairleigh Dickinson.
- Spring '08