Question

The overriding objective in the hierarchy of qualitative characteristics of financial reporting information is:________

Answer 1

'The overriding objective in the hierarchy of qualitative characteristics of financial reporting information is decision usefulness.

The definition of hierarchy is a group of people or things arranged in a hierarchy or people at the top of such a system. An example of hierarchy is the career ladder. An example of hierarchy is the various levels of priests in the Catholic Church.

Hierarchy, in the social sciences, is a ranking of positions of authority, often associated with chains of command and control. The term comes from the Greek hieros (“holy”) and archein (“rule” or “order”).

A hierarchical relationship is a broader (parent/child) relationship between logical records (each record represents a concept). Hierarchical relationships are the main characteristics that distinguish a thesaurus or taxonomy from simple control lists and lists of synonym rings.

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