Question

Which of the following information you may obtain from a client is the best example of qualitative information?A)Whether he has executed a living willB)The amount of annual income he requires for retirement purposesC)The amount of his monthly net cash flowD)Whether he considers himself to be an experienced investor

Answer 1

The amount of his monthly net cash flow  is the best example of qualitative information

The choice usefulness, decision model approach to accounting theory plays a significant supportive role in the utilization of qualitative traits or qualities required for information. The attributes that make the data supplied in financial statements valuable to users are referred to as qualitative qualities.

Fundamental qualitative traits that are desired in accounting information are produced by the demand for accounting information from investors, lenders, creditors, etc. Accounting information has six distinct qualitative traits.

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