Answer:
Explanation:
1. A company uses the same accounting principles from year to year.(CONSISTENCY)
2. Information that is free from error.(VERIFIABLE)
3. Information presented in a clear and concise fashion.(UNDERSTANDABILITY)
4. Information that makes a difference in a decision.(RELEVANCE)
5. Information accurately depicts what really happened.(FAITHFUL REPRESENTATION)
To have a standard financial statement in accounting , there's are some qualities that are needed to put into consideration such as fundamental qualities as well as Enhancing quality of accounting. fundamental qualities are needed to obtain relevancy and reliability in preparing accounting statement.Enhancing quality of accounting are also to have
Comparability,Consistency, Understandability, Relevance, Verifiable
as well as Faithful representation